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Fintech firm Kredivo raises $270 million from Mizuho Bank, others
The investment, which was completed a year after a failed IPO, is aimed at helping Kredivo with existing business operations and support its move into digital banking.
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The Kredivo mobile app is displayed on a smartphone in an undated photograph. (Courtesy of Kredivo)
K
redivo Holdings, the parent company of buy now, pay later (BNPL) service Kredivo, announced it has raised US$270 million in a series D funding round.
The deal was led by Mizuho Bank, a subsidiary of Japan-based Mizuho Financial Group, which invested $125 million in this round, the start-up announced in a press release on Thursday.
Kredivo's existing investors, such as Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners and Openspace Ventures, also participated in the transaction.
Aside from the BNPL service, which allows users to conduct online or offline transactions and pay in installments, Kredivo also provides cash loans through its KrediFazz service.
Last year, the fintech firm acquired a majority stake in publicly-listed Bank Bisnis Internasional, and changed the lender’s name to Krom Bank. It has committed itself to increasing the bank's core capital to Rp 3 trillion, adhering to requirements from the Financial Services Authority (OJK), and plans to rebrand it as a digital bank.
The company follows other tech start-ups that have launched digital banks in the past two years, such as GoTo with Bank Jago, Akulaku with Bank Neo Commerce and Sea Group with SeaBank.
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