Fintech Kredivo Raises $270 Million, Plans Neobrank Krom

Kredivo Holdings, previously operating as FinAccel, has raised $270 million in Series D funding, according to a statement by the company.

The funding was led by Mizuho Bank, Ltd., with the participation of Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures, among others.

Kredivo states that the capital infusion will boost its position as a digital financial service provider, including buy now, pay later services, online lending, and credit cards. The funding will also help in the forthcoming launch of its neobank brand – Krom.

Akshay Garg, CEO of Kredivo Holdings, said that even during a difficult market environment, investors are recognizing the strength of their business as well as their 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, commented on their support of Kredivo, calling the investment a long-term strategic move.

Kredivo Holdings operates various brands, including KrediFazz and Krom. Kredivo is a digital credit platform in Indonesia and Vietnam. 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.

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