“Can alternative-data BNPL evolve into the dominant consumer credit and financial-services platform for Southeast Asia's underbanked?”
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.
Kredivo discloses Bank Negara Indonesia (BNI) as its sponsor bank, according to the Embedded Finance Index 2026.
Kredivo does not disclose a bank charter of its own; its banking services are provided through Bank Negara Indonesia (BNI).
Kredivo processes payments through Kredivo BNPL (self-operated) and Kredivo Infinite Card (self-issued, Mastercard + BNI).
Kredivo's cards are issued through Bank Negara Indonesia (BNI) + Mastercard.
Kredivo's lending and capital products are provided by PT Kredivo Finance Indonesia (in-house).
Kredivo's payroll is powered by GajiGesa (in-house, acquired).
The Embedded Finance Index 2026 maps 5 layers in Kredivo's stack: Payments / PSP (Kredivo BNPL (self-operated) and 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) and 1 other); Payroll (GajiGesa (in-house, acquired)); Sponsor bank (Bank Negara Indonesia (BNI)).
Kredivo was founded by Akshay Garg and is founded in 2015, headquartered in Jakarta, Indonesia (operating entity); Singapore (group).
Kredivo has raised ~$400M equity + ~$1B debt facilities in total (latest round: Series D, 2023; valuation: undisclosed (4-5x prior round per CEO)).
Get a read on where your own stack stands against Kredivo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.