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Kredivo

“Can alternative-data BNPL evolve into the dominant consumer credit and financial-services platform for Southeast Asia's underbanked?”

Founded2015
HQJakarta, Indonesia (operating entity); Singapore (group)
FoundersAkshay Garg
Total raised~$400M equity + ~$1B debt facilities
Latest roundSeries D, 2023
Valuationundisclosed (4-5x prior round per CEO)
IndustryFintech / Lending
The story

Founded 2015 as FinAccel, a Singapore-based startup using alternative data to underwrite checkout credit for Indonesia's underbanked. The flagship Kredivo BNPL product (pay-in-30-days + 3/6/12/18/24-month installments) scaled into a multi-finance license under PT Kredivo Finance Indonesia. In 2022 the company launched 'Infinite Card' with Mastercard + BNI, turning Kredivo into an open-loop payments product rather than a closed BNPL checkout. In 2023 it raised a $270M Series D from Mizuho and acquired GajiGesa, signaling a move from pure BNPL into a broader consumer financial-services platform including personal loans and earned wage access.

Last 12 months
2026-01
Product timeline
2015
FinAccel founded in Singapore to offer instant credit at checkout in Indonesia.· founding
2019
Raised $90M Series C to scale BNPL across Indonesia and into the region.· funding
2020
DBS Indonesia began channeling financing to Kredivo (IDR 300B initial facility).· lending
2022
Launched Infinite Card — a virtual Mastercard issued with BNI — extending Kredivo credit to the entire Mastercard online network.· card
2022
Partnered with VIDA for digital identity verification to scale BNPL onboarding.· kyc
2023
Raised $270M Series D led by Mizuho Bank; rebranded parent to Kredivo Group.· funding
2023
Acquired earned wage access platform GajiGesa, expanding into payroll-linked financial wellness.· acquisition
2026
DBS Indonesia channeling facility expanded to IDR 3T.· lending
Regulated entities
Multi-finance company license (OJK)
Indonesia (OJK)
PT Kredivo Finance Indonesia
The stack
Payments / PSP
Kredivo BNPL (self-operated)Kredivo Infinite Card (self-issued, Mastercard + BNI)
Card issuing
Bank Negara Indonesia (BNI) + Mastercard
Lending
PT Kredivo Finance Indonesia (in-house)Kredivo PayLater (30-day)Kredivo Installments (3/6/12/18/24 months)Kredivo Personal Loan / KTA (cash loan)Merchant checkout credit
Payroll
GajiGesa (in-house, acquired)
Sponsor bank
Bank Negara Indonesia (BNI)
Accounting gap: none