FinAccel, which owns Indonesian fintech Kredivo, has acquired a majority stake in PT Bank Bisnis Internasional (Bank Bisnis).

The deal aimed at enhancing FinAccel’s capabilities and expanding its product portfolio to include digital banking and large-ticket loans.

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The fintech did not disclose the financial value of the deal but FinAccel CEO & co-founder Akshay Garg told Bloomberg that the firm paid $200m to acquire a 75% stake in the bank.

Suriadi family, who previously owned a majority stake in Bank Bisnis, will retain a minority stake in the bank.

FinAccel noted that the deal is a first where a fintech player is acquiring a majority stake in a local Indonesian bank.

Having already secured all regulatory approval from the authorities, the acquisition is slated to close at the end of this week.

FinAccel group CEO & co-founder Akshay Garg said: “While Kredivo has been at the forefront of consumer credit digitisation via our BNPL business over the last several years, the digitisation of Indonesian banking services is only getting started.

“In line with our mission to serve customers with products that are fast, affordable and widely accessible, we look forward to serving customers with world-class banking products in the future. We are also very grateful to the Suriadi family for their support and cooperation during this year-long acquisition process.”

Suriadi lead shareholder representative Purnawan Suriadi said: “Bank Bisnis has a long and proud heritage. As the banking sector rapidly digitises, we are very excited to bring in FinAccel Teknologi as the new majority shareholder of the bank, and look forward to working with them in their vision of building the leading digital bank franchise in Indonesia.”

In October 2021, Kredivo joined forces with Standard Chartered Bank Indonesia to offer buy now, pay later (BNPL) loans to consumers.