Indonesia’s Kredivo acquires digital bank Timo

Singapore-based digital media platform Tech in Asia reported the deal on March 12, citing sources familiar with the matter. Final paperwork has been signed, according to the report, but the transaction has yet to be officially disclosed, and its value remains unknown. Following the deal, Kredivo plans to pour $15 million into the Vietnamese market in the next three years. The buy now, pay later company aims to capitalise on one of the fastest-growing fintech markets in the region. Akshay Garg, co-founder and CEO of Kredivo Group, will oversee the overall operations of the merged entity. The Timo brand is expected to be retained, with Kredivo’s Vietnam operations likely to be consolidated under it over time.