Aditya Hadi Pratama · · 1 min readIndonesia-based BNPL provider Kredivo expands into Vietnam ahead of US listing
Kredivo, an Indonesian buy now, pay later (BNPL) service, announced its expansion into Vietnam via a joint venture with Phoenix Holdings. The move marks the company’s first voyage outside of its home country.
Kredivo’s localized app for the Vietnamese market / Image credit: Kredivo
Kredivo Vietnam Joint Stock Company, the newly formed subsidiary, will partner with local financial firm VietCredit Joint Stock Company. Initially, Kredivo will only roll out its bill payment and personal loan features in Vietnam before the expected launch of its BNPL service for ecommerce payment in the final quarter of this year.
According to industry estimates, 70% of Vietnam’s population having limited or no access to banking services. Most transactions in the country are carried out through cash, making it a potential growth market for fintech startups.
Meanwhile, local BNPL startup Fundiin recently banked a seven-digit US dollar sum in a funding round led by Genesia Ventures, as reported by DealStreetAsia.
See also: The key players in Vietnam’s fintech battleground
Earlier this month, Kredivo’s parent company FinAccel just announced its plan to go public in the US via a merger with a blank-check company in a deal that would value the group at US$2.5 billion. Following its entry into Vietnam, the firm also plans to enter Thailand.
Editing by Miguel Cordon and Arpit Nayak
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