Ho Chi Minh, Vietnam – Kredivo Group has completed the acquisition of nearly all shares in Timo Digital Bank, a Vietnamese digital banking platform developed in partnership with BVBank, as part of its broader expansion strategy across Southeast Asia. The transaction strengthens the company’s operations in Vietnam and supports its plans to broaden its digital financial services offering in the region.
Established in 2015, Timo was among the earliest digital banking platforms launched in Vietnam and has developed a substantial customer base through services including digital account opening, payments, savings products and fixed-term deposits. The platform also operates on a cloud-based core banking system designed to support scalable digital banking services.
Following the acquisition, Phoenix Holdings and VinaCapital, which were strategic investors in Timo before the transaction, will retain minority holdings in the enlarged Vietnamese business.
“Vietnam is a market of enormous potential, with a young, mobile-first population and significant unmet demand for high-quality, accessible financial services,” Akshay Garg, Cofounder and CEO of Kredivo Group, stated.
“With Timo, we are not starting from scratch—we are acquiring a beloved brand that has already done the hard work of building trust with Vietnamese consumers. Together with Phoenix Holdings and Vina Capital, we will accelerate our mission of bringing fast, affordable, and accessible financial services to millions of customers in Vietnam in the next few years.”
The deal increases Kredivo Group’s presence in Vietnam, where it already provides digital consumer lending services through partnerships with local banks, including buy now, pay later products and personal financing solutions. The integration of Timo’s banking platform with Kredivo’s credit assessment and risk management technology is expected to support the development of a wider range of financial products covering lending, payments and savings.
“We believe the combination of Kredivo’s advanced credit capabilities and Timo’s trusted digital banking platform in Vietnam creates a highly compelling strategic fit,” Henry Nguyen, Chairman of Phoenix Holdings, commented.
“Together, the combined business will be well positioned to deliver more integrated financial services to Vietnamese consumers and compete for leadership in one of the region’s most promising markets.”
Following completion of the acquisition, Timo will continue operating under its existing brand as the Group’s digital banking business in Vietnam, while Kredivo Vietnam will adopt the name Timo Credit. Management of the combined operations will remain with the existing Kredivo Vietnam leadership team, supported by the Group’s regional technology and operational resources.
