Japan’s Mizuho Bank has announced an investment of up to INR 12 billion (US$ 144.43 million) for a 15% equity stake in credit card issuer Credit Saison’s Indian subsidiary, Kisetsu Saison Finance (India).
This move is part of Mizuho’s strategic efforts to expand its footprint in Asia’s burgeoning financial markets, aiming to address the rapid growth and digital financial service needs in India.
The investment is a key component of Mizuho’s medium-term business plan, which focuses on creating value-added solutions and addressing social issues, particularly in regions with nascent financial infrastructures like Asia.
Previously, Mizuho has invested in financial companies across Vietnam, the Philippines, and Indonesia in a bid to foster financial inclusion and support economic development in the region.
Credit Saison India, operational since 2019, has shown significant growth, expanding its services to include financing for non-bank financial companies and co-origination financing with fintech partners.
The company, under experienced local management, has turned a profit since FY2020, with a loan balance of around JPY 150 billion as of September 2023.
The investment by Mizuho is expected to further propel Credit Saison India’s growth trajectory, aiming to elevate it to a leading financing company in India with a capitalisation goal of JPY 1 trillion.
Additionally, Mizuho Bank plans to appoint one director to the board of Credit Saison India and make the company an equity method affiliate.
Featured image credit: Edited from Freepik
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- Source: https://fintechnews.sg/86241/fintech-india/mizuho-bank-invests-over-us144m-in-credit-saisons-indian-subsidiary/
