Consumer credit firm Kredivo raises $270 mln in Mizuho Bank-led round
Kredivo Holdings, a Southeast Asian major digital consumer credit platform with operations in Vietnam and Indonesia, has raised $270 million in a series D round led by Japan’s Mizuho Bank, which contributed $125 million.
The round also drew in Kredivo’s existing investors like Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners, and Openspace Ventures.
With the new funding, the digital platform aims to accelerate its fintech offerings, which include personal loans, physical and virtual credit cards, and buy now, pay later (BNPL) services. It also plans to fuel the upcoming launch of its neobank Krom.
Kredivo is operated by FinAccel, a Singapore-headquartered fintech company backed by leading investors like Mirae Asset, Naver, Square Peg Capital, MDI Ventures, and Jungle Ventures, among others.
Mizuho Bank announced its $125 million contribution Thursday, saying it is continually exploring strategic investments in Asia to contribute to financial inclusion through digital technology-focused financial services and to expand its business portfolio in the continent.
“Following prior investments in M-Service in Vietnam and Tonik Digital Bank in the Philippines, we have been considering further strategic investments in other digital financial providers in Asia,” the Japanese bank said. Mizuho will provide its experience and expertise to assist in the strengthening and development of Kredivo’s financial service business, the bank added.
The unbanked and underbanked population in ASEAN is still large, which means a high potential for consumer financial services, according to Mizuho Bank.
The Japanese lender in December 2021 led the $200 million series E funding of M-Service Company’s MoMo, the most popular digital wallet in Vietnam. In October of that year, Japan’s Sumitomo Mitsui Banking Corporation (SMBC) renamed consumer credit firm FE Credit of Vietnamese lender VPBank as VPBank SMBC Finance Co. Ltd. after spending about $1.37 billion acquiring a 49% stake in FE Credit. The consumer credit firm also targets unbanked and underbanked residents in Vietnam.
Kredivo, headquartered in the Cayman Islands, started business in Indonesia in 2016 and made its market entry into Vietnam in 2021 through a joint venture with Ho Chi Minh City-based Phoenix Holdings.
Phoenix Holdings, an investment group, said at that time that Kredivo Vietnam Joint Stock Company would be able to leverage Kredivo’s extensive PayLater expertise as well as Phoenix Holdings' broad local network and know-how.
Phoenix has a diversified portfolio in consumer, financial services, retail and technology sectors. The group includes the Timo digital bank, founded in 2021 by Phoenix Holdings chairman Henry Nguyen, who is now the CEO at Timo, which is a competitor to Vietnamese lender MSB’s neobank TNEX.
- Read More
Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss
Singapore-headquartered fund TAEL Two Partners has planned to divest entirely from Vietnamese taxi operator Vinasun at a heavy loss after more than a decade of investment.
Finance - Mon, November 18, 2024 | 10:19 am GMT+7
Vietnam, Brazil elevate bilateral ties to strategic partnership
Vietnam and Brazil issued a joint statement on elevating their bilateral relations to a Strategic Partnership in Rio de Janeiro on Sunday (local time) on the occasion of Prime Minister Pham Minh Chinh’s ongoing trip to the Latin American nation to attend the G20 Summit and join bilateral activities.
Politics - Mon, November 18, 2024 | 8:11 am GMT+7
The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment
A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.
Companies - Mon, November 18, 2024 | 7:52 am GMT+7
State-owned housing developer HUD has new chairman
Dau Minh Thanh, chief of the Ministry of Construction (MoC) Office, has been appointed chairman of the ministry’s Housing and Urban Development Corporation (HUD).
Companies - Sun, November 17, 2024 | 9:34 pm GMT+7
Vietnam private lender LPBank reports $394 mln profit in 10 months
Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, logged an after-tax profit of VND10 trillion ($394 million) in the first 10 months of this year, said its leadership at the EGM on Saturday.
Banking - Sun, November 17, 2024 | 3:30 pm GMT+7
Vietnam stock market unlikely to experience further steep declines in next sessions: experts
The probability of continued sharp falls in the Vietnamese stock market over the next sessions is relatively low, barring unexpected geopolitical turbulences that could cause significant volatility, according experts.
Finance - Sun, November 17, 2024 | 1:30 pm GMT+7
Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam
Taiwan-headquartered Cooler Master, a global computer hardware giant, especially in cooling devices, will invest an additional $125 million in the northern province of Bac Ninh, according to a project report.
Industries - Sun, November 17, 2024 | 10:00 am GMT+7
Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan
Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.
Companies - Sun, November 17, 2024 | 9:00 am GMT+7
Vietnam pledges to make more contributions to APEC cooperation
APEC leaders adopted a joint statement and endorsed two signature initiatives proposed by host country Peru: the Lima Roadmap to Promote the Transition to Formal and Global Economy and the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.
Politics - Sun, November 17, 2024 | 8:05 am GMT+7
Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026
Construction of the 1,500-MW Hai Lang Power Center project in Quang Tri province will restart on January 1, 2026, the project investor has informed local authorities.
Energy - Sun, November 17, 2024 | 8:00 am GMT+7
PM arrives in Brazil, beginning trip to attend G20 Summit
Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam arrived in Rio de Janeiro, Brazil on November 16 afternoon (local time), beginning their three-day visit to attend the G20 Summit and have bilateral meetings.
Southeast Asia - Sun, November 17, 2024 | 7:30 am GMT+7
Vietnam-China partnership to enable export of Kim Long brand cars
Vietnam’s Kim Long Motor and Futa Group have struck a strategic cooperation agreement with China’s Dongfem Dana that will enable the production and export of cars under the Kim Long brand, executives said Friday.
Companies - Sat, November 16, 2024 | 7:13 pm GMT+7
Northern Vietnam province attracts $124 mln investment from Taiwan firm
Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.
Industries - Sat, November 16, 2024 | 7:01 pm GMT+7
Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025
Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants, will begin commercial operations in June and September 2025, respectively, says project investor PV Power.
Energy - Sat, November 16, 2024 | 3:20 pm GMT+7
Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go
Vinhomes, the largest housing developer in Vietnam, has spent around VND7 trillion ($275.7 million) on implementing its record buyback plan since kick-starting it on October 23.
Finance - Sat, November 16, 2024 | 1:21 pm GMT+7
Indonesia secures funding for green power infrastructure at COP29
Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.
Southeast Asia - Sat, November 16, 2024 | 10:10 am GMT+7