Asia Growth Fund and Square Peg led the round for FinAccel, the parent of Kredivo, which provides Indonesians with instant credit financing with an interest-free 30-day payback option, or three, six and 12-month instalments with a 2.95% monthly interest rate.

The firm has provided more than 30 million loans since launching three years ago, plugging in to a large, young population in a country that has just 0.07 credit cards per capita.

Akshay Garg, CEO, Kredivo, says: “Access to credit is a huge problem for Indonesian millennials, and we are solving for it through convenience, transparency and fairness."

Reinventure's investment marks the Westpac-backed venture capital firm’s third in the region after snapping up stakes in Indian BNPL business Zest and Singapore-based co-living company Hmlet last year.

Rohen Sood, partner, Reinventure, says: “We feel there will be things to come out of these markets that will actually leap-frog developed markets."