Kredivo Holdings (formerly known as FinAccel), the parent company of Kredivo and Krom Bank Indonesia, has announced it has raised $270 million in equity financing in a significantly oversubscribed round in its Series D funding phase.
This round was led by Japanese global bank Mizuho Bank, Ltd., a subsidiary of Mizuho Financial Group, Inc. and drew significant interest from Kredivo Holdings’ existing stable of top tier investors, including Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures.
This funding round will cement Kredivo’s leading position in the digital financial services industry through its powerful expanding ecosystem which includes online and offline Buy Now, Pay Later (BNPL), personal loans, credit cards (physical and virtual) and support the upcoming launch of the neobank Krom. Kredivo is already a market leader in the third party BNPL segment in Indonesia, covering all major ecommerce and offline channels in the country via its open loop network.
Akshay Garg, CEO of Kredivo Holdings said, “Despite challenging market conditions, investors continue to recognise the scale and strength of our business, and our innovation potential.
"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. Finally, we are delighted to have Mizuho join us as a valuable investor and strategic partner.”
Daisuke Horiuchi, group executive officer of Mizuho said, “We are very proud to be an investor and long-term strategic partner of Kredivo Holdings. Kredivo has a stellar track record in Southeast Asia, leveraging on 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.
"The digitisation of financial services is a multi-decade theme, and we’re excited to back Kredivo’s mission of building the highest quality digital financial services platform in Southeast Asia.
Evercore acted as the financial advisor to Kredivo Holdings for Mizuho’s investment in the Series D equity transaction, and Cooley LLP acted as the legal advisor.
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By Thanh Van