Kredivo Holdings, a Southeast Asia-based digital financial services platform for under-banked customers, has secured $270m in a series D equity financing round.
The funding will support the launch of its digital bank, Krom. Kredivo Holdings secured a majority stake in Krom (formerly Bank Bisnis) in April last year.
The round was led by Japan-based Mizuho Bank, with participation from existing investors, including Square Peg Capital, Jungle Ventures and Openspace Ventures.
Kredivo Holdings, formerly known as FinAccel, is the parent company of BNPL firm Kredivo and KrediFazz, a digital credit platform.
Founded in 2015, Kredivo serves customers in Vietnam and Indonesia, and also has an office in Singapore.
Akshay Garg, chief executive officer of Kredivo Holdings, said: “Despite challenging market conditions, investors continue to recognise 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.”
Daisuke Horiuchi, group executive officer, deputy head of retail and 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.”