Shulou(Shulou.com)11/24 Report--

According to news in the morning of March 23, Beijing time, although recent market adjustments have made it difficult for many startups to obtain new financing, Singapore-based financial technology company Kredivo has reached an equity financing agreement of about $270 million (currently about 1.858 billion yuan) for D-round.

Krevido, formerly known as FinAccel, owns the fintech platforms Kredivo and Krom Bank Indonesia. They said in a statement on Thursday that they had reached a financing agreement with investors led by Mizuho Financial Group, but did not disclose specific valuations. Existing investors, including Square Peg Capital, Jungle Ventures and Naver, have also participated in this round.

The financing shows that some start-ups are actively seeking financing even as the venture capital industry faces adverse conditions such as rising interest rates, high inflation and a downturn in the technology industry. Investors, once very generous, have become more picky and will give up some less favourable terms. Kredivo's round of financing is the largest in Asia since Silicon Valley Bank stormed earlier this month.

Kerdivo announced financing at a pre-financing valuation of $1.5 billion after its planned merger with a blank cheque company went bankrupt last year. Before that, they struck a deal at a valuation of about $2 billion.

The company's services include "buy-and-pay" financing, which Abusija Abhijay Sethia, head of strategy, said they would use to build offline outlets and expand into Indonesia's highly competitive digital banking sector.

Financial technology companies in the region are actively expanding financial services in the Indonesian market, which has a population of 273 million, but many of them lack bank accounts and credit cards. Krevido has been in consumer lending and payment business for seven years, giving it an advantage in competing with companies in the ecommerce, ride-hailing and gaming sectors, Mr Cecia said.

"Indonesians now need credit, which they have been seriously lacking for many years." He said.

As a competitor to Kredivo, Ant Group-backed Akulaku has a stake in Neo Commerce Bank in Jakarta, while Singapore's Sea acquired BKE Bank in 2021 to enter the field of financial technology.

Southeast Asian ride-hailing giant Grab partnered with Singapore Telecom to acquire a minority stake in Fama Bank (now renamed Super Bank Indonesia), while rival Gojek spent about $160 million to increase its stake in PT Bank Jago in 2021.

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