Singapore-registered FinAccel has promoted deputy CEO Umang Rustagi as CEO of its Indonesian digital lending platform Kredivo.
Current Group CTO Alie Tan will be taking over as CEO of KrediFazz, the group’s new P2P business unit.
These are part of a series of top management changes that FinAccel has announced recently.
Joining Rustagi in the C-suite of Kredivo will be Valery Crottaz as its COO and Paramananda Setyawan as Chief Data Officer.
Akshay Garg, current CEO of Kredivo, will be moving to a the role of Group CEO, who will be supervising Kredivo and KrediFazz.
Rustagi and Tan will continue to hold concurrent responsibilities as Deputy-CEO and CTO of FinAccel group, respectively.
The changes will be effective from the start of 2021.
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FinAccel said in a statement that these changes reflect a streamlining of the group structure to better serve its vision of serving 10 million customers by 2025.
Under the new structure, Kredivo, which operates under the MFC license, and KrediFazz, which operates under the P2P license, will have different focus areas.
As part of this realignment, KrediFazz will target to expand its coverage of productive loans from 35 per cent to a target of 50 per cent over the next two years, focusing on serving the under-served and marginalized segments of society.
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Garg, Rustagi, Tan, Crottaz and Setyawan said in a joint statement: “We are on a once-in-a-lifetime journey to expand access to financial services to under-banked and under-served segments of Indonesian society. With these changes, both Kredivo and KrediFazz are better placed to scale, while allowing the FinAccel group to push into new areas of innovation.”
FinAccel is company backed by Mirae Asset, Naver, Square Peg Capital, MDI Ventures, Jungle Ventures, as well as several other investors.
Last month, Kredivo — which provides instant credit financing to customers for purchases on e-commerce, offline and cash loans, processed based on real-time decisions — secured a credit line funding of US$100 million from US-based investment company Victory Park Capital (VPC).
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Image Credit: FinAccel
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