Kredivo, a buy now pay later service for consumers in Indonesia and Vietnam, has reportedly raised $270m in an oversubscribed Series D funding round.
Japanese bank Mizuho Bank led the round with a $125m contribution, according to a report from TechCrunch. Existing Kredivo backers Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners and Openspace Ventures also participated.
While the valuation of Kredivo was not revealed, the company’s CEO Akshay Garg stated it has increased by between four and five-times in every valuation round.
Additionally, Garg claimed Kredivo drives 3-4% of total GMV for its top e-commerce merchants in Indonesia, compared to 15% to 20% from credit cards.
As for its customer base, Garg did not reveal the exact number, but stated it was around the same number as the credit card population of Indonesia. This figure is around 15 and 16 million, but a survey from Kredivo claims many card holders have multiple credit cards, so the actual number is lower.
Kredivo offers instant credit to up to 30 million people, with products ranging from pay in 30 days or over 3, 6, or 12 months. Its target market is unbanked customers or those who lack access to credit through their existing banks.
Its platform assesses creditworthiness via various data sources, including accounts for banks, e-commerce sites and telcos.
With the close of the Series D, the FinTech company has raised a total of $400m in equity and committed debt facilities of around $1bn to grow its loan book. It previously raised an additional $100m debt facility from Victory Park Capital, adding to an initial $100m issued the previous year.
The buy now pay later provider had planned to go public in a $2.5bn SPAC deal last year. However, this was cancelled due to ‘adverse market conditions.’ Garg said there are no current plans for going public.
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