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 USD 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 USD 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 in 2023 but scrapped it due to unfavourable market conditions. Meanwhile, Mizuho Bank has continued deepening its Southeast Asian fintech investment. In December 2021, it led the USD 200 million series E funding of Vietnam’s MoMo.
Kredivo had previously partnered with Vietnam-based Phoenix Holding to launch instalment programmes in Asia-Pacific in August 2021. The Vietnamese entity, Kredivo Vietnam Joint Stock Company, is used to leverage Kredivo's extensive PayLater expertise as well as Phoenix Holding's local network and know-how.
In December 2021 the company expanded its reach in the retail sector by offering the Buy Now, Pay Later solution for IKEA’s customers in Indonesia. This partnership allows customers to shop for IKEA products using Kredivo as a payment method on the IKEA Indonesia website as well as offline stores and choose to pay in 30 days or 3 months with 0% interest, or take 6 and 12 month instalments with only 2.6% interest per month.
A month earlier, the UK-based payments infrastructure provider PPRO announced the integration of Indonesian Buy Now, Pay Later solutions through Kredivo. The integration allows merchants to offer customers the option to pay with Kredivo, accessing more of the world’s ecommerce market as clients can choose to pay in equal monthly instalments for electronics and other goods.
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