NewTech Friday: FinAccel
FinAccel’s co-founder and CEO, Akshay Garg, spoke with Boris Plantier about his company’s unique offering that is promoting financial inclusion in Southeast Asia.
What led to the creation of FinAccel?
Indonesia has the 4th largest population in the world with a trillion-dollar economy. There are nearly 100m smartphone users, and 70-80m people in the middle class. Despite that, Indonesia faces a large gap in credit penetration with credit card penetration at just 3% in a population of 260m.
We’re trying to address this problem by giving urban millennials instant access to credit through an all-digital and seamless process, helping them to conserve their current cash flow with a pay later option that is affordable at bank-like interest rates. By doing so, we’re promoting financial inclusion for everyone with a smartphone and boosting the country’s economy.
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