Singapore fintech major Kredivo scores $270 million in Mizuho-led Series D

Singapore fintech major Kredivo scores 0 million in Mizuho-led Series D

Singapore-based fintech company Kredivo Holdings, formerly known as FinAccel, has raised about $270 million in its Series D funding round led by Mizuho Bank, a subsidiary of Japan’s Mizuho Financial Group, according to a company filing.

Kredivo Holdings, operator of fintech platform Kredivo and Krom Bank Indonesia, said in a statement that the funding round was also participated by existing investors, including Square Peg Capital, Jungle Ventures and Naver Corp.

According to a Nikkei Asia report, Mizuho Bank contributed about 17 billion yen ($128 million) in the round. Mizuho Bank will buy preference shares from Kredivo for a stake of around 10%.

This puts the company’s value at $1.3 billion.

Kredivo’s series D investors

Expand table

Investor Funding (in millions of USD)
Square Peg Capital 52.14
NAVER ECONOMIC 43
Jungle Ventures 12.4
GMO VenturePartners 9
Mirae Asset-Naver Asia Growth Fund 7
Openspace Ventures 5
Mirae Asset Securities Indonesia 2
Mirae Asset Securities (HK) Limited 1
Cathay Innovation 2.5
Endeavor Catalyst 2
Akshay Garg 2
Marais Irrevocable Trust 1
Phoenix Technology Pte 0.5
Mizuho Bank 128

In October, when Kredivo’s Series D round reached $139.54 million, following a $43 million investment from NAVER FINANCIAL, a unit of South Korea’s Naver Corporation, DealStreetAsia estimated its valuation at $1.66 billion.

As reported by DealStreetAsia earlier, the fintech company had secured $96.5 million as part of the round from Square Peg Capital, Jungle Ventures, GMO VenturePartners, Openspace Ventures and other investors.

Kredivo’s valuation was set at $2.5 billion in 2021 when it announced its SPAC merger with Victory Park. However, the deal collapsed due to “adverse market conditions” and “process delays”.

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“Despite challenging market conditions, investors continue to recognize the scale and strength of our business and our innovation potential,” Kredivo Holdings CEO Akshay Garg said in a release. The fresh funding comes as Kredivo expands into digital banking.

Kredivo was founded in 2016 and now has more than six million customers. The company primarily offers a buy now pay later (BNPL) service, where it pays stores on behalf of customers at the time of purchase. It also offers personal loans, credit cards and banking services through Krom.

The company uses a proprietary credit scoring algorithm to assess customers’ creditworthiness and determine their creditworthiness. The company claims that the system is able to provide instant approval for credit requests and offers competitive interest rates and fees.

In the company’s Series C round in December 2019, it raised $90 million from the likes of Square Peg Capital, Telkomsel Mitra Inovasi, MDI Ventures and Singtel Innov8.

The company re-domiciled to the Cayman Islands in January, its filings with the Accounting and Corporate Regulatory Authority (ACRA) showed.

The move comes as Akshay Garg, CEO and Chairman, FinAccel, recently said the company is working towards an initial public offering (IPO) which could take place in the next 12-24 months.

In December, the company announced the appointment of former Slack CFO Allen Shim to its board and capital markets expert Anshul Krishan to its advisory board. The appointments were seen as part of the company’s preparation for an IPO.

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