With this Series D equity round of Rp4 trillion, Kredivo Holdings will strengthen the BNPL payment system in the online and offline channels.
Heaptalk, Jakarta — Kredivo Holdings, formerly known as FinAccel, the parent company of Kredivo and Krom Bank Indonesia, announced its Series D funding round in equity financing worth US$270 million, or nearly Rp4 trillion. A subsidiary of Mizuho Financial Group, Mizuho Bank, Ltd., led Kredivo’s investment round, pouring the capital of US$125 million.
Additionally, multiple top-tier Kredivo Holdings investors also involve in this round, namely Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures. In this investment activity, Evercore performed as the financial advisor to Kredivo Holdings for this Series D equity transaction, while Cooley LLP served as the legal advisor.
This investment will reinforce Kredivo’s position to broaden its digital financial ecosystem, including Buy Now Pay Later (BNPL) in the online and offline channels, personal loans, virtual and physical cards, and support the upcoming launch of the neo bank, Krom. This intention is also expected to amplify the company’s position as a market leader in the BNPL third-party segment in Indonesia, covering all major e-commerce and offline channels in Indonesia through its open-loop network.
Amidst the challenging market conditions, the Chief Executive Officer of Kredivo Holdings, Akshay Garg, noticed investors continue to recognize the business scale, strength, and Kredivo Holdings’ innovation potential.
“The upcoming expansion into digital banking is profoundly synergistic with the existing Kredivo product and also opens up a good channel for us to become the digital financial services platform of choice for tens of millions of consumers in Southeast Asia. We are delighted to have Mizuho join us as a value investor and strategic partner,” added Garg.
The Group Executive Officer Deputy Head of the Retail and Business Banking Company of Mizuho Bank, Daisuke Horiuchi, recognized an outstanding track record of Kredivo Holdings in the Southeast Asia market, specifically in leveraging its deep data partnerships to promote financial inclusion in Indonesia and SEA while retaining bank-like risk metrics and building a capital-efficient business model.
“The digitization of financial services is a multi-decadal theme. We are excited to back Kredivo’s objectives to construct Southeast Asia’s highest-quality digital financial services platform.” Horiuchi said in his statement.
