Kredivo Holdings formerly FinAccel, which offers credit services to underbanked consumers in Indonesia and Vietnam, has raised $270 million in what it says was an oversubscribed Series D to expand its digital banking product.

Founded in 2016, Kredivo is the parent company of Kredivo and Krom Bank Indonesia. The company’s main product is an online and offline buy now, pay later (BNPL) service. It also offers personal loans, credit cards and banking services with a major target for the underbanked population in Vietnam and Indonesia.

The company says it has committed debt facilities of almost $1 billion to grow its loan book and has over 6 million customers.

Kredivo faces competition from both direct and indirect competitors, such as Akulaku BNPL service in Indonesia, which recently raised $200 million from MUFG, the largest bank in Japan. Other competitors include Bank Neo Commerce,'s Atome BNPL service, Kredit Pintar cash loans, and Sea Group's Sea Money.

The round was led by Japanese bank Mizuho Bank, a subsidiary of Mizuho Financial Group that contributed about $17 billion yen (~$129 million). It had earlier secured $139.54 million as part of the round with participation from 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, bringing them to a valuation of $1.3 billion. The company had shelf its IPO filing last year after its $2.5 billion SPAC deal fell apart and says it will evaluate the public listing options later.