Kredivo Group Completes 100% Acquisition of Timo Digital Bank in Vietnam

Overview

Kredivo Group, a leading Southeast Asian digital financial services platform, has completed the acquisition of 100% of Timo Digital Bank (Timo), a Vietnamese digital bank originally developed in partnership with BVBank. The transaction strengthens Kredivo’s presence in Vietnam and aligns with its regional expansion strategy. Existing shareholders Phoenix Holdings and VinaCapital retain minority stakes in the expanded Kredivo Vietnam entity.

Key Facts

• Kredivo Group completed the acquisition of 100% of Timo Digital Bank on April 25, 2025.
• The deal follows a growth funding round from investors including Mizuho Bank, Amazon, Asia Partners, Square Peg Capital, and Cathay Innovation.
• Existing shareholders Phoenix Holdings and VinaCapital retain significant minority stakes in the expanded Kredivo Vietnam entity.
• Henry Nguyen (Chairman of Phoenix Holdings), Don Lam (CEO and Co-founder of VinaCapital), and Brook Taylor (Managing Director of Asset Management at VinaCapital) will join the board of Kredivo Vietnam.
• Timo will continue to operate under its own brand as Kredivo’s digital bank in Vietnam, while Kredivo Vietnam’s existing business will be rebranded as Timo Credit.
• Financial details of the transaction were not disclosed.
• Timo was founded in 2015 and was one of the first digital banking platforms in Vietnam.

What Happened

Kredivo Group announced on April 25 that it has finalized the acquisition of 100% of Timo Digital Bank, a digital banking platform that previously operated in partnership with BVBank. The acquisition was completed after Kredivo closed a growth funding round from new and existing investors, including Mizuho Bank, Amazon, Asia Partners, Square Peg Capital, and Cathay Innovation.

According to the announcement, existing strategic shareholders of Timo, including Phoenix Holdings and VinaCapital, will retain significant minority stakes in the expanded Kredivo Vietnam entity. Key executives from these firms will join the board of Kredivo Vietnam. Akshay Garg, Co-founder and CEO of Kredivo Group, stated that Vietnam is a high-potential market with a young, mobile-first population and strong demand for quality, accessible financial services. Timo is seen as a trusted brand among Vietnamese consumers.

Market Context

VPB (VPBank, listed on HOSE) closed at VND 27,000 on April 15, 2026, unchanged from the previous session with volume of 9.5 million shares. The acquisition of Timo, which previously partnered with BVBank (not VPB), does not directly impact VPBank’s operations. However, the deal highlights the growing competition in Vietnam’s digital banking space, where VPBank has been active through its own digital initiatives. The transaction also reflects increased foreign interest in Vietnam’s fintech sector.

Strategic Significance

The acquisition allows Kredivo Group to integrate a licensed digital banking platform into its ecosystem, complementing its existing consumer credit (Kredivo) and digital banking (Krom in Indonesia) offerings. For Vietnam, the deal creates a combined entity with a digital bank (Timo) and a credit business (rebranded as Timo Credit), potentially enabling cross-selling and operational synergies. The involvement of Phoenix Holdings and VinaCapital as minority shareholders provides local expertise and governance continuity. This move positions Kredivo to capture growth in Vietnam’s underbanked population and digital payments market.

What to Watch

• Regulatory approvals and any conditions imposed by the State Bank of Vietnam on the transaction.
• Integration milestones, including the rebranding of Kredivo Vietnam to Timo Credit and any product launches.
• Financial performance disclosures from Kredivo Vietnam, if made public, to assess revenue and user growth.
• Competitive responses from other digital banks and fintech players in Vietnam, such as VPBank’s own digital offerings.
• Potential further fundraising or strategic partnerships by Kredivo Group in the region.