Mizuho leads BNPL giant Kredivo’s $270m round

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Kredivo Holdings, the Singapore-based parent company of Kredivo and Krom Bank Indonesia, has raised US$270 million in a series D round led by Japan’s Mizuho Bank.

The round also drew in Kredivo Holdings’ existing investors such as Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures.

The first tranche of this series D, which amounted to US$140 million, was secured by Kredivo in 2022.

With this new funding, Kredivo aims to accelerate its fintech offerings, which include personal loans, physical and virtual credit cards, and buy now, pay later. It also looks to support the upcoming launch of its neobank Krom.

Kredivo’s post-money valuation is currently pegged at around US$1.6 billion, according to VentureCap Insights.

The firm reported having an approved user base equivalent to the number of credit card holders in Indonesia, with plans to exceed this figure in the next year or two.

Kredivo also operates in Vietnam, where it has a joint venture with Phoenix Holdings.

Previously known as FinAccel, the fintech major had planned to go public via a SPAC deal last year but scrapped it due to unfavorable market conditions.

Meanwhile, Mizuho Bank has continued deepening its Southeast Asian fintech investment. In December 2021, it led the US$200 million series E funding of Vietnam’s MoMo.

For past Tech in Asia coverage of Kredivo, head here.