Indonesian fintech firm Kredivo has closed a debt line of up to $20m from venture debt firm Partners for Growth (PFG).

The deal is the fintech’s largest with an offshore (international) lender and PFG’s first in Indonesia.

PFG partner Jason Georgatos said: “We have invested in a unique company that matches our values of fair and sustainable financial inclusion.

“Kredivo is one of the lowest cost lenders in the market and has one of the best risk metrics that we have come across, yet it is also one of the fastest growing.”

With the infusion, Kredivo plans to diversify its loan book that presently is mainly domestically originated.

Kredivo commissioner Umang Rustagi said: “While the credit line is going to give us fuel to accelerate our growth, what is especially satisfying to us is that we came out on the winning side of a very deep evaluation conducted by the PFG team.

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“The credit line from PFG will be used to fund all the product lines that we have launched to date: ecommerce financing, personal loans and offline.”

Kredivo serves as a digital credit card, offering instant credit financing for ecommerce and offline purchases as well as personal loans.

The company is said to have a transaction value growth of 40% and loan book growth of 35% per quarter in the last 18 months.