Oversubscribed round includes US$125m investment from Mizuho Financial Group and strong support from existing Kredivo investors
SINGAPORE—March 23, 2023 – Kredivo Group (formerly known as FinAccel), the parent company of Kredivo and Krom Bank Indonesia, today announced that it has raised ~US$270 million in equity financing in a significantly oversubscribed round, bringing its Series D fundraise to a successful close. This round was led by Japanese global bank Mizuho Bank, Ltd., a subsidiary of Mizuho Financial Group, Inc. (“Mizuho”) and also drew significant interest from Kredivo Group’ existing stable of top tier investors, including Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners and Openspace Ventures, among others.
This fundraise will cement Kredivo’s leading position in the digital financial services industry through its powerful expanding ecosystem which includes online and offline Buy Now, Pay Later (“BNPL”), personal loans, credit cards (physical and virtual) and support the upcoming launch of the neobank Krom. Kredivo is already a market leader in the third party BNPL segment in Indonesia, covering all major ecommerce and offline channels in the country via its open loop network.
Akshay Garg, CEO of Kredivo Group, said, “Despite challenging market conditions, investors continue to recognize the scale and strength of our business, and our innovation potential. 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, “We are very proud to be an investor and long term strategic partner of Kredivo Group. 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 digitization 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.
Evercore acted as the financial advisor to Kredivo Group for Mizuho’s investment in the Series D equity transaction, and Cooley LLP acted as the legal advisor.
For any inquiries, please contact [email protected].
About Kredivo Group (formerly known as FinAccel)
Kredivo Group is Southeast Asia’s leading provider of digital financial services through its brands Kredivo, Kredifazz and Krom. Kredivo is the leading digital credit platform in Indonesia and Vietnam that gives customers instant credit financing for ecommerce and offline purchases, and personal loans, based on real-time decisioning. Kredivo users can buy now and pay later across the entirety of Indonesia’s retail commerce network with one of the lowest interest rates amongst digital credit providers in the country. Krom Bank Indonesia (formerly known as Bank Bisnis Internasional, IDX: BBSI) is the group’s bank entity and the operator of the soon-to-be-launched Indonesian neobank Krom. Kredivo Group is backed by leading financial and strategic investors such as Mizuho Financial Group, Square Peg Capital, Jungle Ventures, Naver Corp, Mirae Asset and Victory Park Capital among others. To know more, please visit www.kredivocorp.com.
About Mizuho Financial Group
Mizuho Financial Group (www.mizuhogroup.com) is a leading global financial institution with one of the largest customer bases in Japan, offering comprehensive financial and strategic services including retail banking, corporate finance, investment banking, asset management, capital markets, and sales and trading, through its subsidiaries. Mizuho has over USD 2 trillion of assets and over 870 offices across the world. Established over 140 years ago, Mizuho’s vision is to become the most trusted financial services group with a global presence and a broad customer base, contributing to the prosperity of the world, Asia, and Japan.