Kredivo raises US$270 million in Series D funding

KREDIVO has raised US$270 million in a Series D funding round led by Japan’s Mizuho Bank. Existing investors Square Peg Capital, Jungle Ventures and Openspace Ventures also joined the round.

The fintech startup, formerly known as FinAccel, is the parent company of buy now, pay later (BNPL) player Kredivo and Krom Bank Indonesia.

The funds will be used to expand its BNPL ecosystem, as well as support the launch of its neobank Krom.

“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 South-east Asia,” said Akshay Garg, co-founder and chief executive, Kredivo.