Kredivo

1.1 Identity and business model

Built In's Kredivo Group profile lists its headquarters as DKI Jakarta, Indonesia (CO001). The company describes Kredivo as a digital-credit platform for e-commerce and offline purchases and personal loans using real-time decisioning; its stated portfolio includes Kredivo, KrediFazz, Krom, GajiGesa and Timo, with activity across Indonesia, Vietnam and Thailand (CO002). These are company descriptions, not independently audited segment or geographic revenue disclosures. The company timeline records FinAccel's incorporation in December 2015 and its first loan disbursement in April 2016; Reuters separately reported Kredivo began Indonesian operations in 2016 (CO003). That chronology establishes an operating history, but not current active-user totals, market share or parent-level financial scale.[CO001, CO002, CO003]

1.2 Leadership and governance

Kredivo's company profile names Akshay Garg as group CEO and co-founder and Umang Rustagi as co-founder and President Director of Kredivo Indonesia; the profile also lists finance, people, strategy and capital leadership roles (CO011). ANTARA identifies Rustagi in the same Indonesia leadership role in its report on a BCA Digital channeling facility (CO008). Kompas reported the June 2025 appointment of Andre Rasjid to the board of commissioners of PT Kredivo Finance Indonesia, a subsidiary-level governance change rather than evidence of a group board seat (CO012). Available sources do not establish board control, voting rights, succession arrangements or the extent of any individual executive's operating dependency. The named-person table is a partial public roster, not a complete enumeration of group management.[CO008, CO011, CO012]

1.3 Capital, ownership and scale

Reuters reported that FinAccel's 2021 proposed SPAC merger contemplated a roughly US$2.5 billion valuation and US$430 million in gross proceeds, including a US$120 million private investment; these were proposed transaction terms, not a current valuation or proof that proceeds were received (CO004). Kredivo Holdings announced a roughly US$270 million Series D in March 2023, led by Mizuho, and its company timeline records about US$500 million raised to date in May 2026 (CO006, CO010). The cumulative raised figure is not cash on hand. Kompas relayed a company statement that Kredivo served more than 11 million users in Indonesia in June 2025, while Dealroom labels 653 people as “employees mapped”; neither is a dated, group-wide active-customer or verified headcount measure (CO014, CO015). Current valuation, revenue, ARR, cash balance and consolidated parent accounts remain evidence gaps, summarized in the KPI table (TO001). The stakeholder map identifies disclosed investors and transaction parties without inferring current stakes or control rights (TO003).[CO004, CO006, CO010, CO014, CO015]

1.4 Milestones and current diligence context

The company timeline records a majority acquisition of Bank Bisnis in 2022, the 2023 Series D, the February 2025 GajiGesa acquisition and the December 2025 BCA Digital channeling partnership; the 2026 release announced an approximately 100% acquisition of Timo (CO005, CO006, CO007, CO008, CO009). A separate Asia Pacific Edge article asserts that 99.99% of Timo had completed an acquisition on April 23, 2026, whereas the company release describes an approximately 100% acquisition announcement on May 6 and does not state the legal closing date (CO009). The article's underlying registry filing was not available in the retained text, so exact ownership and close remain unverified. A 2026 Fintech News Indonesia report describes new OJK BNPL eligibility and repayment-capacity limits and reports sector non-performing financing of 3.44% in May 2026, up from 2.99% in April (CO013). These are sector-level risk signals, not Kredivo-specific delinquency data. The dated company milestones below therefore distinguish announced corporate events from independently verified completion.[CO005, CO006, CO007, CO008, CO009, CO013]

2.1 Market boundary and addressable product

The narrowest defensible core is digital consumer credit used for purchases in Indonesia: BNPL at ecommerce and offline merchants. Reuters’ 2021 report and a 2023 transaction release described ecommerce and offline purchase financing alongside personal loans; the latter also described cards and the planned Krom bank. Those are product-scope statements, not independently measured market shares or proof that every product belongs in one spend pool (CM001, CM002). Keep personal loans adjacent to checkout BNPL because the repayment purpose and transaction unit differ; keep deposits and banking outside the BNPL denominator. Kredivo’s milestone page shows channeling facilities and merchant/transport partnerships, which indicate routes to distribution and credit supply, not consumer spend (CM014). The company’s “market leader” wording remains a company assertion rather than a benchmark (CM003). A buyer map therefore distinguishes household borrowers from merchant acceptance and from the separate bank/deposit relationship; available sources do not disclose the budget owner or economics of each transaction.[CM001, CM002, CM003, CM014]

2.2 What the available sizing lenses do—and do not—measure

None of the retained sources supplies an inclusive, comparable Indonesia BNPL spend denominator, a segment-level SAM, or a Kredivo obtainable-share calculation with a defined population, unit and method. The usable quantities are narrower proxies: figures Kredivo attributes to its own social-impact report, an OJK-reported BNPL financing total for finance companies, an OJK-reported sector non-performing financing rate, and historical company footprint figures in Reuters reporting. They have different denominators and periods, so they cannot be added or converted into a market-size estimate (CM006, CM007, CM008, CM009, CM012, CM015). Kontan reports OJK data showing Rp 11.24 trillion of BNPL financing by finance companies in November 2025, up 68.61% year over year; that channel-specific figure is not an all-provider spend measure or Kredivo share (CM015). In the company-reported 2025 usage mix, 54% of Kredivo credit disbursed was used for productive needs; the same article reports a fifteenfold increase since 2019 in users accessing credit as business capital. Neither is industry-wide growth, and the underlying counts and loan values are not supplied in the article (CM006, CM009). Dealroom’s mapped-employee figure is an operator profile measure, not a demand or spending measure (CM013). The sizing exhibit preserves these distinctions rather than implying a forecast or market share.[CM006, CM007, CM008, CM009, CM012, CM013, CM015]

2.3 Buyer pathways, adoption signals and constraints

The direct user and repayment obligation for consumer credit sit with the borrower; merchant checkout is a distribution and acceptance point for BNPL, while a bank account or deposit relationship is a distinct banking use case. This is an analytical segmentation, not a source-disclosed contract map. Kredivo’s 2021 SPAC announcement, as reported by Reuters, gave nearly four million approved customers and presence across eight of Indonesia’s top ten ecommerce merchants at that historical date; these are not current metrics and do not establish active borrowers or current merchant coverage (CM004). For 2025, Kredivo’s report as described by Jawawa says 54% of its disbursed credit went to productive needs, and its first-time-credit and business-capital figures suggest use beyond checkout, but they are company-specific (CM006, CM007, CM009). Constraints are material: Fintech News Indonesia reports OJK eligibility, income-verification and exposure rules taking effect in July 2026, alongside a sector NPF rate of 3.44% in May 2026 versus 2.99% in April (CM010, CM011, CM012). The rules can constrain eligible borrowers and repayment capacity; whether they change Kredivo’s approval, loss or unit economics is not quantified here.[CM004, CM006, CM007, CM009, CM010, CM011, CM012]

3.1 Competitive perimeter and identified alternatives

The assigned evidence identifies competition across standalone BNPL, marketplace-embedded pay-later, and broader app-based financial ecosystems rather than a single like-for-like lender set. Kredivo's own materials describe BNPL and personal loans, while an independent 2021 Reuters report also described e-commerce and offline credit; both are evidence of product scope, not current market share (CP001). A 2025 Elevate Pay overview names Akulaku, Atome, GoPayLater, Indodana, Shopee PayLater, Julo, and Cicil, but that comparison is competitor-authored and supplies no independently verified ranking or consistent scale data (CP009, CP011, CP012). It is therefore a discovery map, not a market census. The profile table separates current-period GoTo disclosure from older or less-verifiable competitor descriptions and explicitly leaves missing scale fields open.[CP001, CP009, CP011, CP012]

3.2 Distribution and adjacent financial products

Kredivo's public milestones describe partner-led reach across retail, transport, merchant, and bank channels, alongside a Krom digital-banking launch in February 2024 (CP002, CP013). These disclosures suggest more potential routes to customers and funding than a checkout-only BNPL product, but they do not establish active usage, economics, exclusivity, or durable customer lock-in. GoTo offers a relevant ecosystem comparison: its company-reported first quarter 2026 fintech metrics include a Rp9.893 trillion loan book, Rp1.909 trillion of segment net revenue, and 27.5 million fintech monthly transacting users, with the GoPay app identified as a driver of loan-book growth (CP005–CP008). These are GoTo segment figures, not GoPayLater-only metrics. Detik's July 2024 report described a BNI plan to channel financing for Shopee PayLater and integrate credit scoring; it documents a proposed distribution arrangement, not proof that it was completed (CP010).[CP002, CP005, CP006, CP007, CP008, CP010, CP013]

3.3 Pricing and packaging remain non-comparable

No retained source provides a same-date, provider-by-provider schedule of realized rates, fees, promotional periods, credit limits, repayment terms, or merchant economics. An Indonesia.vc profile lists 2.6% monthly installment interest among Kredivo's revenue mechanisms, but the profile has no publication date or linked support for the figure; it cannot be treated as a verified current price or compared with competitors (CP004). The Elevate Pay article makes general statements about promotional periods and competitive rates, but it is written by a fintech provider and does not document competitor-specific realized pricing (CP012). List price, user-level APR, fees, and partner-funded discounts must remain distinct diligence questions. The pricing table preserves the single profile assertion with its limitation and marks all unsupported provider cells as unavailable in this evidence set rather than filling them by analogy.[CP004, CP012]

3.4 Distribution is visible; durability is not yet demonstrated

Kredivo's reported partner network and Krom adjacency could widen distribution and product breadth, while GoTo and Sea-linked offerings show that platform reach and external funding channels are also available to alternatives (CP002, CP010, CP013). Public evidence here does not quantify multi-homing, customer acquisition cost, churn after promotional pricing, repeat borrowing, credit performance by channel, or the cost of switching between providers. The chapter therefore treats ecosystem breadth as a hypothesis about potential defensibility, not a proven moat. Adverse evidence is specific and time-bounded: OJK stated that it lifted restrictions on certain BNPL financing activities at PT Akulaku Finance Indonesia on 5 March 2024 after corrective steps (CP011). That record indicates a past regulatory constraint and its removal; it does not establish a current restriction or a present compliance failure.[CP002, CP010, CP011, CP013]

3.5 Exhibits

4.1 Revenue model and observable monetization

Fintech News Indonesia describes Kredivo as a BNPL provider, while TechCrunch's 2023 coverage listed online and offline BNPL, personal loans, physical and virtual cards, and banking services through Krom (CI001, CI002). Kredivo's CEO also told TechCrunch that the company drove 3% to 4% of total GMV for its top Indonesian e-commerce merchants, versus 15% to 20% for credit cards (CI016). That dated merchant-level proxy indicates distribution presence, not customer-level conversion, acquisition efficiency, current scale, or realized revenue. These descriptions establish a lending and digital-banking perimeter, not the revenue mix. The assigned public sources do not quantify realized interest, merchant fees, customer pricing, revenue recognition, or the share of economics earned by the parent versus its operating entities. List pricing and product availability should not be treated as realized revenue or margin. The revenue-stream table therefore separates disclosed products from missing commercial terms, and leaves unit values unquantified pending contracts and audited financial statements.[CI001, CI002, CI016]

4.2 Channel facilities and historical capital

The clearest current-scale financial signal in the pool is a DBS Indonesia channeling limit reported at IDR 3 trillion at the start of 2026; Kontan describes the facility increasing from IDR 300 billion in 2020 through IDR 500 billion, IDR 1 trillion in 2021, IDR 2 trillion in 2022, and IDR 3 trillion by end-2025 (CI003, CI004). Kredivo's milestones also list historical Hana and Shinhan channeling limits, while ANTARA reports a BCA Digital channeling arrangement without stating its amount (CI005, CI006). These are financing capacity or partnership announcements, not evidence of cash on hand, drawn balances, or available parent liquidity. The DBS and BCA announcements associate expansion with tier 2 and 3 cities, but the sources do not disclose allocation, tenor, pricing, covenants, recourse, or realized returns. Historical capital reporting is similarly non-comparable. TechCrunch reported a roughly US$270 million Series D, about US$400 million total equity raised, and almost US$1 billion in committed debt facilities in 2023 (CI007-CI009). Reuters described a proposed 2021 SPAC at an expected approximately US$2.5 billion equity value and more than US$430 million gross proceeds; the proposed transaction was later abandoned, and these figures do not represent current valuation or cash (CI010-CI012). Tracxn's fetched company profile separately reports US$660 million total funding and a US$1.6 billion valuation, without enough definition or current-date evidence to reconcile those figures to reported equity raised or a present valuation (CI013, CI014). The capital table preserves each source's label and vintage rather than combining unlike amounts.[CI003, CI004, CI005, CI006, CI007, CI008, CI009, CI010, CI011, CI012, CI013, CI014]

4.3 Unit economics, capital adequacy, and diligence priorities

The source pool supports a lending model and bank funding channels, but not an underwritable unit-economics bridge. It contains no current company revenue or ARR, realized price or fee take, customer acquisition cost, payback period, gross margin, funding cost, cohort loss rate, or parent-level cash, burn, and runway. Those are evidence gaps, not zeroes. The conceptual flow figure marks which lending inputs are reported and which conversion steps remain unmeasured; it is not a forecast or a claim that every product uses identical funding or revenue mechanics. Regulation is a relevant underwriting constraint: Fintech News Indonesia reports new OJK eligibility and debt-service limits, including a 40% cap on total BNPL payments relative to monthly income for 2027-2028 and 30% from 2029 (CI015). The report is secondary coverage of a circular, so legal interpretation should be checked against the original instrument. No source in this pool establishes Kredivo-specific default performance under the new limits. Before underwriting, request audited parent and subsidiary accounts, facility agreements and draw schedules, monthly receivable and delinquency cohorts by product and channel, realized pricing and fee waterfalls, acquisition and collection costs, and a consolidated cash/debt maturity schedule.[CI015]

4.4 Exhibits

5.1 Product scope and customer workflow

Kredivo's core proposition is point-of-sale credit: KrASIA described shoppers applying at online checkout and repaying over time, while Reuters reported in 2021 that Kredivo offered instant financing for online and offline purchases as well as personal loans based on AI-enabled real-time decisioning. Both are historical descriptions; this pool does not verify present availability, approval times, or performance. The portfolio has expanded beyond checkout credit: the official timeline records Krom digital banking's 2024 launch, GajiGesa's 2025 acquisition as an entry into earned-wage access, and Timo's 2026 acquisition. TechCrunch reported physical and virtual card products in 2023. These milestones map product scope, not present-day active availability, usage, or integration across brands.[CE001, CE003, CE004, CE005, CE006, CE015]

5.2 What the public technology record supports

The clearest technology signals are a historical CEO description of AI-powered credit scoring and fraud detection, TechCrunch's 2023 account of using telco, e-commerce, and bank-account data to assess creditworthiness, and a Kredivo backend-engineering listing that names development, testing, deployment, databases, and several technologies as candidate skills. The hiring listing is evidence of requested competencies, not proof those tools are deployed in production. Together these disclosures suggest a data-led credit workflow, but the assigned evidence does not specify model design, data lineage or permissions, service topology, APIs, model validation, or current engineering ownership. The accompanying stack graphic groups disclosed functions for diligence; it is not a verified system diagram or a sequence of technical layers.[CE002, CE007, CE008]

5.3 Product maturity, differentiation, and operating proof

Publicly described differentiation centers on rapid digital credit decisions and access through online and offline commerce, with adjacent banking and wage-access capabilities broadening the product surface. The evidence is uneven by maturity: the company records Krom's launch, while GajiGesa and Timo are described as acquisitions or market-entry moves without detailed integration, usage, or service-level evidence in this pool. KrASIA's checkout account is historical, and TechCrunch's product and data descriptions date to 2023. No assigned source supplies a current integration catalog, independently measured customer benefit, reliability or support metrics, certification, security testing, or evidence that these products share a unified technical platform. Those gaps constrain any claim that portfolio breadth has translated into a differentiated or dependable operating system.[CE001, CE004, CE005, CE006, CE007, CE015]

5.4 Trust, safety, and regulatory constraints

Indonesia's OJK framework limits BNPL provision to commercial banks and financing companies and sets expectations for electronic systems, prudent conduct, consumer disclosures, and debtor-data protection. A 2026 legal analysis describes more specific financing-company requirements, including age and income eligibility and repayment-capacity limits; Fintech News Indonesia separately reports the 40% income ceiling for 2027–2028 and 30% from 2029. The same outlet reports industry-wide BNPL non-performing financing of 3.44% in May 2026, versus 2.99% in April, which is a sector indicator rather than a Kredivo loss or delinquency measure. The materials establish the relevant control environment, not Kredivo's compliance implementation, underwriting outcomes, security posture, or incident history.[CE009, CE010, CE011, CE012, CE013]

6.1 Customer segments and product boundaries

Kredivo Group serves several distinct customer populations through the Kredivo credit product, KrediFazz lending, and Krom Bank; these should not be collapsed into a single customer count. The Jakarta Post describes Kredivo as BNPL, KrediFazz as a P2P lending platform, and Krom as a digital bank. A third-party payment profile says Kredivo is used for online and offline purchases and lists an Indonesian consumer base, but gives no publication date or methodology. Its approximately five-million-user figure is therefore an undated publisher claim, not a current active-user measure. The same profile distinguishes nationwide Basic and Starter availability from Premium service in selected regions. Krom's reported accounts and deposits belong to a bank subsidiary and are not Kredivo BNPL borrowers or parent-company revenue. The segmentation table keeps these populations separate and makes the missing denominators explicit.[CU001, CU003, CU004, CU011, CU012]

6.2 Adoption signals are not a current active-customer series

The public adoption record is a set of dated, non-comparable indicators. Multiples.vc describes nearly two million consumers as credit-scored by July 2018; this is not a count of active borrowers. Reuters reported nearly four million approved customers in 2021 and presence across eight of Indonesia's top ten e-commerce merchants, but approved customers and merchant coverage do not establish utilization or repeat purchase. Multiples.vc also says the group processed more than USD 2 billion in transactions in 2022; transaction volume is not revenue. A 2025 AVOW partner case study reports an install-to-loan-application rate and year-over-year spending growth, but omits the absolute cohort, baseline, and funded-loan conversion. Kredivo's own homepage carries a Krom account and deposit milestone without an as-of date. These figures show reported reach and channel activity, not a continuous, independently verified customer growth or retention curve.[CU005, CU006, CU007, CU008, CU009, CU010]

6.3 Named deployments show reach, not customer durability

Named evidence is stronger for product availability and partnerships than for independently verified customer outcomes. The company lists Transjakarta among its PayLater partnerships, and a November 2025 Tempo article describes Kredivo as a payment method in the transit app; neither source reports Kredivo-attributable ride volume, repeat use, or revenue. Tempo also quotes a Kredivo executive saying 42 percent of users use PayLater for productive needs, without a sampling method or denominator. AVOW's case study is a partner-authored account of acquisition performance, not an independent benchmark or a retention cohort. The integration documentation from Antom identifies a narrower checkout friction: its flow does not support chargebacks or disputes and requires a manual return to the merchant app after payment. This is a specific integration limitation, not evidence of a company-wide incident. The sample of named deployments is incomplete; public sources reviewed do not provide current NRR, GRR, churn, renewal, cohort retention, or top-customer concentration.[CU002, CU009, CU010, CU013, CU014, CU015]

7.1 Credit, pricing, and conduct exposure

The clearest directly acknowledged operating risk is repayment: a Kredivo marketing executive described approved users who default and said the company uses field collections. The interview supplies no delinquency, charge-off, recovery, or vintage rates, so it establishes the mechanism of loss rather than its frequency or severity. Kredivo's app listing states a maximum APR of 41.51% and installment pricing starting at 1.99% per month; these are disclosed terms, not evidence of realized borrower cost or misconduct. Request loan-level APR distributions, cohort roll rates, restructurings, complaints, and recoveries before concluding whether underwriting and collections protect returns or borrowers.[CR007, CR010, CR011]

7.2 Regulatory change and control evidence

In an interview first published in January 2025, a Kredivo executive said Indonesian financial institutions had faced many new regulations over the prior two years and that the company adapts to each change. This is management's account, not independent confirmation of the rules addressed, license scope, examination outcomes, or current compliance. The assigned sources do not establish a specific enforcement action or security incident; that absence is not evidence that none occurred. The Play listing says Kredivo is licensed and regulated by OJK, but this company-submitted statement is not a substitute for checking current registrations and the relevant entities' obligations. Prioritize an entity-by-entity regulatory and incident review.[CR006, CR016]

7.3 Operational integrity and expansion execution

The same interview describes install-level fraud across affiliate and advertising networks, and says Kredivo uses AppsFlyer tools, tests partner traffic, and stops underperforming partners. The executive also attributed roughly 30–40% of user acquisition efforts to mobile OEM partnerships. Those are useful descriptions of controls and channel mix, but the partner-hosted interview does not independently test their efficacy or report fraud losses. Kredivo's company pages report the Timo bank acquisition in May 2026 and the GajiGesa acquisition in February 2025; integration across products and jurisdictions is therefore a diligence exposure, not a reported failure. Validate integration milestones, control ownership, service continuity, and post-acquisition risk limits.[CR008, CR009, CR012, CR013]

7.4 Funding dependencies and thesis-break monitoring

Kontan reports that DBS Indonesia's channeling facility limit rose to IDR 3 trillion by the end of 2025; Antara separately reports a BCA Digital channeling partnership without a facility amount. Neither disclosure establishes drawn balances, total partner funding, or lender concentration. Historical equity announcements—Reuters' account of a proposed 2021 SPAC merger, Mizuho's USD 125 million investment, and a company-announced approximately USD 270 million Series D in March 2023—demonstrate past financing routes, not cash currently available or parent runway. Kredivo also reports that Krom had more than one million accounts and IDR 10 trillion in deposits as of April 2026; deposits are not parent cash. Treat rising credit losses, partner withdrawal, regulatory restrictions, or failed integration as thesis-break conditions, and require dated portfolio and liquidity data to set measurable thresholds rather than inventing them from public disclosures.[CR001, CR002, CR003, CR005, CR014, CR015]

7.5 Exhibits

8.1 Public price evidence is historical, not an entry mark

Reuters reported in August 2021 that FinAccel had agreed to a SPAC merger valuing Kredivo's parent at about $2.5 billion; the contemporaneous article described a proposed transaction, not a current financing mark or a valuation that an investor can transact at today (CV001). The article's $430 million gross proceeds, including a $120 million PIPE, are transaction financing figures and should not be mistaken for enterprise value, equity value, proceeds available to the parent today, or cash on hand (CV002). The company later announced a roughly $270 million Series D equity round led by Mizuho in March 2023, but the retained announcement does not establish a post-money valuation (CV003). In January 2026, DBS announced a channeling-financing limit for Kredivo of IDR 3 trillion (CV004); this is a credit facility limit, not an equity price or unrestricted parent cash (CV005). The historical SPAC headline therefore cannot anchor a present-day return calculation.[CV001, CV002, CV003, CV004, CV005]

8.2 Strategic optionality is real, but scenario valuation is not

Kredivo's own milestone page records the Mizuho-led Series D and a 2026 Timo acquisition, while independent Vietnamese reporting says the acquisition value remained undisclosed (CV003, CV006). DBS's expanded channeling line and the Timo transaction provide plausible routes to broader credit distribution and banking integration, but the assigned sources do not quantify parent-level revenue, loss-adjusted earnings, funding costs, or integration returns. A scenario framework can identify the evidence that would move the investment case; it cannot responsibly translate those strategic possibilities into a numeric valuation range or probability. Downside is not abstract: Fintech News Indonesia reports new OJK borrower eligibility and repayment-capacity limits, alongside sector non-performing financing of 3.44% in May 2026 versus 2.99% in April (CV007, CV008). Those figures concern the Indonesian paylater sector, not Kredivo's own portfolio, so they are a risk context rather than a company loss forecast.[CV003, CV006, CV007, CV008, CV014]

8.3 Research-more until price and unit economics are disclosed

The private-market evidence does not close the pricing gap. Forge's profile, last updated January 22, 2025, shows Kredivo's post-money valuation as not available and cautions that its private-company data may rely on limited inputs and is not necessarily a market price (CV009). EquityZen explains how existing shareholders may offer private-company shares through its funds, but the retained Kredivo page gives no executable price, share class, or transaction terms (CV010). These dated and non-priced records do not establish a current valuation; the retained evidence also contains no completed exit or current executed secondary trade (CV011, CV015). Accordingly, use research-more, low confidence, high risk, and an unknown valuation stance rather than issuing a buy or manufacturing a target price (CV012, CV013). Revisit only after obtaining current parent financials and cohort loss data, the fully diluted capitalization and preference waterfall, and a dated transaction or independently supported comparable set. An observable price should then be tested against earnings after credit losses, capital needs, dilution, and downside under the applicable OJK rules.[CV009, CV010, CV011, CV012, CV013, CV015]