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S’pore fintech wins Asia’s largest fundraise since SVB’s fall

Tan KW
Publish date: Fri, 24 Mar 2023, 10:04 AM
Tan KW
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SINGAPORE: Financial technology (fintech) company Kredivo Holdings has raised about US$270mil in equity financing, defying a market correction that’s made it difficult for many startups to obtain fresh capital.

The Singapore-based firm, formerly known as FinAccel Pte and operator of fintech platform Kredivo and Krom Bank Indonesia, struck a deal for financing led by Mizuho Financial Group Inc, it said in a statement without disclosing its valuation.

Existing investors including Square Peg Capital, Jungle Ventures and Naver Corp also participated in the Series D round.

The fundraising shows that some startups are still finding capital even as the venture industry grapples with rising interest rates, elevated inflation and a tech downturn.

Investors, once thrilled to write cheques, are becoming more choosy and are doling out less favourable terms.

Kredivo’s round is the biggest announced in Asia since Silicon Valley Bank’s collapse shocked the startup ecosystem earlier this month.

Last year, Kredivo sought funding at a US$1.5bil pre-money valuation after its planned merger with a blank-cheque company collapsed. Prior to that, it had reached a valuation of about US$2bil .

The company, whose services include buy now, pay later financing, will use the funds to build up its presence in offline stores and expand into Indonesia.

 - Bloomberg

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