Indonesia’s buy now pay later (BNPL) firm Kredivo has acquired nearly 100 percent of Timo Digital Bank, a Vietnamese digital banking platform developed in cooperation with Vietnamese major lender BVBank.

In late April, TNGlobal reported that Kredivo holds a 99.99 percent stake at Timo Vietnam JSC, also known as Timo Digital Bank by BVBank in Vietnam.

In a statement on Wednesday, Kredivo said the acquisition expands its presence in Vietnam as the company seeks to strengthen its regional digital financial services business across Southeast Asia. The acquisition comes on the back of Kredivo Group raising new capital from new and existing investors including Mizuho Bank, Amazon, Asia Partners, Square Peg Capital and Cathay Innovation.

Vietnamese businesses, Phoenix Holdings and VinaCapital, which were strategic shareholders in Timo before the acquisition, will retain minority stakes in the expanded Kredivo Vietnam. Henry Nguyen, chairman of Phoenix Holdings; Don Lam, CEO and founding partner of VinaCapital; and Brook Taylor, CEO of VinaCapital’s asset management business, will join the board of Kredivo Vietnam.

Akshay Garg, co-founder and CEO of Kredivo Group, said the acquisition strengthens the company’s position in Vietnam and allows it to build on Timo’s existing customer base and brand presence.

Founded in 2015, Timo operates as a digital banking platform in Vietnam, offering services including online account opening, payments, savings, and time deposits. Kredivo currently operates a digital consumer credit platform in Vietnam, offering buy now, pay later and personal loan services through partnerships with local banks.

Following the acquisition, Timo will continue operating under its existing brand as Kredivo Group’s digital banking business in Vietnam. Kredivo Vietnam will rebrand as Timo Credit.

Kredivo Group currently operates in Indonesia, Vietnam, and Thailand across businesses including consumer credit (Kredivo), digital banking (Krom in Indonesia; Timo in Vietnam), and SME working capital financing (GajiGesa).

Indonesia’s BNPL platform Kredivo now owns 99.99% of Vietnam’s digital bank Timo