The funding landscape in Southeast Asia is still wintery, but one fintech managed to land a major round. Kredivo Holdings, which offers credit services to underbanked consumers in Indonesia and Vietnam, has raised $270 million in what it says was an oversubscribed Series D.
The round was led by Japanese bank Mizuho Bank, a subsidiary of Mizuho Financial Group that contributed $125 million. It included participation from returning investors like Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners and Openspace Ventures.
The company has now raised a total of about $400 million in equity, and has committed debt facilities of almost $1 billion to grow its loan book.
Kredivo CEO Akshay Garg declined to disclose Kredivo’s current valuation, but told TechCrunch that it has increased by 4x to 5x “in every valuation round historically.” He added that Kredivo now dr...
