Kredivo Holdings (formerly FinAccel), the parent company of Kredivo and Krom Bank Indonesia, has closed its Series D equity round of funding at ~US$270 million.
Japanese global bank Mizuho Bank led the round. Existing investors, including Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures, also participated.
Akshay Garg, CEO of Kredivo Holdings, said: “The upcoming expansion into digital banking is deeply synergistic with the existing Kredivo product and also opens up a very promising channel for us to become the digital financial services platform of choice for tens of millions of consumers in Southeast Asia.”
Also Read: Kredivo scores US$100M more in debt funding to further grow its BNPL platform
Daisuke Horiuchi, Group Executive Officer Deputy Head of Retail & Business Banking Company of Mizuho, said, “Kredivo has a stellar track record in Southeast Asia, leveraging its deep data partnerships to promote financial inclusion within Indonesia and Southeast Asia while maintaining bank-like risk metrics and building a capital efficient business model.”
Founded in 2016, Kredivo is a leading player in the digital financial services industry. It provides customers with instant credit financing for e-commerce and offline purchases and personal loans based on proprietary, AI-enabled real-time decisions. The products include online and offline Buy Now, Pay Later, personal loans, credit cards (physical and virtual) and neobank Krom.
In 2021, Kredivo announced its plans to merge with VPC Impact Acquisition Holdings II (VPCB), a special purpose acquisition company (SPAC) sponsored by Victory Park Capital (VPC), to go public in the US. However, the plans were cancelled a year later.
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