Indonesian fintech firm Kredivo Group has signed final paperwork to acquire Timo, one of Vietnam's pioneering digital banking platforms, Tech in Asia reported. Final paperwork for the transaction has been signed, according to regional technology publication Tech in Asia, though the financial terms have not been publicly disclosed. Kredivo plans to invest $15 million in the Vietnamese market over the next three years as it integrates the two operations.
LENDING MEETS BANKING
Kredivo provides digital consumer credit, including buy now, pay later and personal loans. Timo, launched in 2015 as one of Vietnam's first digital banking platforms, operates under BVBank and runs on Mambu's cloud banking technology, offering payment accounts, instant payments via the NAPAS national network, term deposits, credit cards, and investment services in partnership with VinaCapital.
Akshay Garg, Kredivo's co-founder and chief executive, will oversee the integration, which is planned in two phases. The first phase involves migrating Kredivo's lending technology onto Timo's platform. The second will see the rollout of new financial products built around card-based payment solutions.
Kredivo Group was formerly known as FinAccel. The company already operated lending services in Vietnam. The Timo brand is expected to be retained, with Kredivo's existing Vietnam operations consolidated under it over time.
CONNECTED CAPITAL TIES
Phoenix Holdings, an early Timo backer, was expected to keep its stake after the deal, according to the report.
The acquisition follows Kredivo's earlier purchase of earned wage access platform GajiGesa in February 2025.
SOUTHEAST ASIA'S SUPER-APP RACE
In February, Singapore-based Grab agreed to acquire US fintech Stash for an initial $425 million.