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Mizuho leads $270 million round in Kredivo

Mizuho leads $270 million round in Kredivo

Kredivo, which offers BNPL and credit services to underbanked consumers in Indonesia and Vietnam, has raised $270 million in a Series D funding round led by Japan's Mizuho Bank.

The oversubscribed round also 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, among others.

Formerly known as FinAccel, Kredivo, has now raised a total of about $400 million in equity, and has committed debt facilities of almost $1 billion to grow its loan book.

The firm last year abandoned plans to go public in a $2.5 billion Spac deal, citing adverse market conditions.

The company says the new capital will be deployed to support its existing ecosystem of digital payments and credit service and to finance the upcoming launch of its neobank Kroo.

Akshay Garg, CEO of Kredivo Holdings, says: “Despite challenging market conditions, investors continue to recognize 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."

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