Kredivo review

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Indonesian BNPL Kredivo Begins SE Asian Expansion Plans with Vietnamese Launch

Kredivo, an Indonesian Buy Now, Pay Later (BNPL) platform, announced its expansion into Vietnam through a joint venture with Phoenix Holding, a family investment company based in the country.

This move comes on the heels of the announcement by FinAccel, Kredivo’s parent company, to go public via a US$2.5 billion SPAC merger earlier this month. The firm had raised US$90 million in 2019 during a Series C funding round to double down on its South East Asian expansion plans.

In Vietnam, Kredivo will partner with VietCredit Joint Stock Company, a finance company, to operate its BNPL business in Vietnam.

The Vietnamese entity, Kredivo Vietnam Joint Stock Company, will be able to leverage Kredivo’s expertise and experience in operating a BNPL firm as well as Phoenix Holding’s extensive network and local knowledge.

Kredivo‘s core products will be launched in stages, starting with bill payments for daily necessities and personal loans, followed by the PayLater feature in e-commerce in the fourth quarter of 2021.

Recent data shows that Vietnam is one of the countries with the lowest credit card penetration in Southeast Asia besides Indonesia and the Philippines, with only 4.1% of the population owning a credit card.

In addition, the credit gap and lack of knowledge about digital payments is a challenge in the country and has resulted in the majority of transactions being carried out in cash.

Valery Crottaz, Chief Operating Officer at Kredivo

Valery Crottaz

Valery Crottaz, Chief Operating Officer at Kredivo said,

“The launch of Kredivo in Vietnam as the first market share outside Indonesia is another achievement and milestone to be proud of this year.


Vietnam is a logical choice given the country’s low credit card penetration and a rapidly growing middle class; fast growing e-commerce market; and similar demographic and consumption patterns with Indonesia.”

Ho Minh Tam, Chief Executive Officer of VietCredit

Ho Minh Tam

Ho Minh Tam, Chief Executive Officer of VietCredit said,

“We are very excited to apply the Kredivo digital credit platform to VietCredit’s new products.


We believe that collaboration with Kredivo, in the spirit of open innovation, is a powerful digital transformation driver and can offer customers better products and services, this can improve customer experience and gain a competitive edge in the industry.”


Featured image: Edited from Unsplash

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Indonesia buy now, pay later start-up Kredivo enters Vietnam

Indonesia’s buy now, pay later (BNPL) start-up Kredivo is entering Vietnam, its first international foray, to tap underbanked communities in the country.

The BNPL firm will tie-up with Phoenix Holdings to establish Kredivo Vietnam Joint Stock Company, it said in a statement on Friday (27 August). The joint venture is partnering with finance company VietCredit to operate Kredivo’s BNPL service.

The announcement came after Kredivo’s parent FinAccel earlier this month said it was eyeing US listing via special purpose acquisition vehicle (SPAC) in the first quarter of 2022, with valuation estimated at USD2.5bn.

Similar consumer patterns

“The launch of Kredivo in Vietnam, our first market outside of Indonesia, is another key achievement and milestone for the business this year. Vietnam came as a logical choice given the low penetration of credit cards in the country and a rapidly growing middle class; the fast growing e-commerce market; and the similarities in the demographic and consumption patterns to Indonesia,’’ chief operating officer Valery Crottaz said.

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Founded in 2015, Kredivo has nearly four million approved users and partnerships across eight of the top 10 e-commerce merchants in Indonesia. Aside from BNPL service, it also provides peer-to-peer lending.

“In Vietnam, with a golden generation that is upwardly mobile and digital native, our services like Buy Now, Pay Later will cater to consumer needs where other credit services come with unreasonably high barriers,” said Nguyen Lan Trung Anh, CEO of Phoenix Holdings – a family investment office which invests in digital bank Timo, payment services Moca and peer-to-peer lending Interloan.

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Read more: Singaporean buy-now, pay-later firm FinAccel eyes US SPAC listing

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Kredivo icon

Make online purchases in Indonesia without a credit card

Latest version


Apr 24th, 2021

Older versions
Kredivo is an app that lets you make online purchases by requesting small loans with a quick turnaround. Thanks to this app, you can buy things online without using your credit card or bank account.

Another interesting aspect of Kredivo is that the app has very reasonable interest rates. That means that you can request small loans without worrying about paying them back at a much steeper price.

Kredivo is affiliated with more than 200 businesses in Indonesia and abroad. This way, you can use the credit on your account to make all kinds of payments, even for your mortgage, which saves you time and effort whenever you want to make a payment from your Android smartphone.

Kredivo is a safe and secure online credit and payment app for getting the money you need. The best part is that you can pay it back at reasonable rates, so you don't have to worry about accumulating unnecessary debt.
Reviewed by Andrés López Translated by Taryn

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Package Name

Older versions

3.4.5 Apr 25th, 2021

3.4.4 Apr 25th, 2021

3.4.3 Apr 10th, 2021

3.4.3 Mar 28th, 2021

3.4.3 Apr 11th, 2021

3.4.2 Feb 25th, 2021

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