Mizuho Leads Kredivo Holdings’ US$270 Million Series D Fundraise

Mizuho Leads Kredivo Holdings’ US$270 Million Series D Fundraise

by March 23, 2023

Kredivo Holdings, the parent company of Kredivo and Krom Bank Indonesia formerly known as FinAccel, announced the close of its US$270 million Series D fundraise led by Japanese global bank Mizuho Bank.

The oversubscribed round was joined by Kredivo’s existing investors including Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners and Openspace Ventures among others.

The funds will be used to expand Kredivo’s expanding offerings which include Buy Now, Pay Later (BNPL), personal loans, credit cards (physical and virtual) as well as support the upcoming launch of its neobank Krom.

The firm has made several appointments in November last year to prepare for the neobank’s launch; Chao Gao as CTO, Jean Lua as Chief HR Officer, Matt Mullarkey as General Counsel and Wisaksana Djawi as Director of Krom Bank.

Akshay Garg

Akshay Garg

Akshay Garg, CEO of Kredivo Holdings, said,

“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. Finally, we are delighted to have Mizuho join us as a valuable investor and strategic partner.”

Daisuke Horiuchi, Group Executive Officer Deputy Head of Retail & Business Banking Company of Mizuho, said,

“Kredivo has a stellar track record in Southeast Asia, leveraging on its deep data partnerships to promote financial inclusion within Indonesia and Southeast Asia, while maintaining bank-like risk metrics and building a capital efficient business model. The digitisation of financial services is a multi-decadal theme, and we’re excited to back Kredivo’s mission of building the highest quality digital financial services platform in Southeast Asia.”