Unique Research · Company / funding · May 8, 2023
BNPL brand OH Credit (Ouxin International) closed a $45M Pre-A strategic round from Indonesian digital bank DMS Bank; Unique Capital as financial advisor. Proceeds: expand service scenes; strengthen data, risk, and mid/back-office R&D.
Parent founded 2021 in Shenzhen; prior Indonesia pilot brand Okebeli now a sub-brand. CEO Xu Jianfeng: local gov’t ties + talent depth. IDC: SEA BNPL spend +$7.9B by 2025 — fastest global BNPL growth region. Thesis: SEA credit-card penetration only ~3% of ~690M people; millennials/Gen Z want lifestyle spend but unstable income → zero-interest/fee/down-payment + fast credit lowers checkout friction; merchants get higher conversion.
Indonesia first: young demographics, stable growth, open finance. Research and Markets: ID BNPL CAGR ~22.9% → ~$4.28B by end-2023. Main merchants: 3C; tiered limits by SKU/ability (students smaller; white-collar larger); tenors 1/2/3/6/9/12 months. Approval rate 25–30% (claimed +10–20 pts vs some peers). 2023 revenue target ~$50M — merchant take-rate + consumer management fees/late fees; also bank/insurance distribution + SME loans.
Competition: Afterpay, Atome, Kredivo, Akulaku. Risk: over-borrowing → NPL; OH Credit claims full-lifecycle risk rating + ML decisioning (self-fill, third-party, credit bureau). PBOC BNPL note flags privacy + weak consumer-protection regimes globally.
Roadmap: online+offline BNPL; virtual cards / third-party pay; expand beyond 3C to beauty/home; MY/VN + LatAm/Africa. DMS COO Nainggolan: values OH Credit’s tech + China banking management experience; plans deeper core-system collaboration.
2 CN images; originally via 36Kr.
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