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FinAccel, an Asian fin-tech company involved in leveraging deep data analytics across users’ digital footprint in order to automate credit risk scoring and access to credit in Southeast Asia, has announced it raised $90 million in a Series C funding round. The round was led by Asia Growth Fund, jointly established by Mirae Asset and Naver Corp, and Australia-based venture capital firm Square Peg. Among other investors were Singtel Innov8, Telkomsel Indonesia, Cathay Innovation and Kejora Intervest.

The total amount of capital raised by FinAccel this year makes up more than $200 million. According to the company, the funds raised will be used to live up its expansion plans. FinAccel is globally famous for its Kredivo service that allows e-commerce buyers to apply and qualify for instant credit and pay back over time. The funds raised will be used to expand Kredivo across the region and reach as much as 10 million users within the next few years.

Akshay Garg, CEO of FinAccel, commented:

“We are very excited to have Mirae Asset and Naver join our growth journey. These highly entrepreneurial companies bring deep domain expertise in financial services and consumer internet, Kredivo sits at the intersection of both areas. Additionally, we are very pleased that our incoming investors share in our vision of building a wide set of financial services that are fast, affordable and accessible for millions of customers in the region.”

Besides, FinAccel plans to provide low-interest education, healthcare, and Shariah loans and partner with banks for joint product development.

Akshay Garg added:

“Our goal is to create a generation of financially savvy individuals and lend to them at competitive interest rates. The goal here is not to be a loan shark. This is about financial inclusion for the masses.”

More Details about FinAccel

FinAccel is a Jakarta-based fin-tech startup set up in 2015. The company specializes in financial services, technology, credit risk scoring, big data, e-commerce, digital payment. It is backed by the most prominent investors in the region such as Jungle Ventures, NSI Ventures, GMO, AlphaJWC and 500 Startups and regulated by OJK in Indonesia.

FinAccel’s most famous product is Kredivo. Kredivo gives customers instant credit financing for e-commerce purchases and personal loans based on making real-time decisions. It allows clients to ‘buy now and pay later’, or borrow with the lowest interest rate amongst all digital lenders in the country. For e-commerce merchants, Kredivo enables instant Point of Sale (PoS) financing with a unique and simple 2-click purchase option that makes buying a joyful experience. Kredivo charges interest on credit it extends to customers after 30 days, though its rate is a higher 2.95% per month, or more than 40% annually, for a revolving loan.

Daria Rud , 2019-12-03 18:42:14 ,

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While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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