Boost Holdings, the digital financial services arm of Malaysia’s Axiata Group Bhd, has secured a $20-million equity investment from the International Finance Corporation (IFC) as the fintech scales its lending business, according to a statement on Monday.

Boost said the investment will be used to develop and scale its digital financial solutions, combining its technology and proprietary data capabilities with IFC’s experience in financial institutions and emerging markets.

“IFC’s $20-million investment is a strong endorsement of Boost’s strategy and the opportunity ahead of us,” Boost Group CEO Sheyantha Abeykoon said in a statement.

“Having an institution of IFC’s global standing invest in Boost brings not only capital, but deep expertise in financial services and emerging markets that will be valuable as we continue to scale our impact,” he added.

The investment comes as Boost’s lending business continues to grow. Axiata said in its first-half results that Boost’s revenue rose 67.3% year-on-year, helped by the expansion of its loan book and RM51 million ($12.4 million) in one-off income from software and related services.

Boost Bank’s loan book stood at RM418 million ($102.3 million) as of June, according to Axiata. The group said its strategic growth initiatives across lending, life and credit, connectivity and Indonesia are expected to support further momentum.

The IFC investment was approved on June 1 and signed on July 31, with the funds invested on Aug 17, according to IFC’s project disclosure.

IFC had first disclosed the proposed investment in December 2025, describing it as a $20-million equity investment intended to sustain Boost’s growth.

IFC said its investment is expected to improve access to finance for SMEs in Malaysia and increase retail access to credit through Boost’s buy-now-pay-later offering. It also cited Boost’s plans to expand fully digital lending using proprietary data for alternative credit scoring, targeting underserved borrowers.

Boost remains in fundraising talks The IFC investment does not mark the end of Boost’s fundraising efforts. Axiata said in August that Boost Holdings was still in discussions with other potential investors, as cited from The Edge Malaysia.

Axiata acting group CFO Komathi Balakrishnan said the IFC transaction valued Boost at $340 million on a post-money basis.

IFCd for 11.7 million preference shares under an agreement signed on July 31. Axiata did not disclose IFC’s resulting stake or the rights attached to the preference shares.

Before the transaction, Axiata held 77.76% of Boost Holdings, while Great Eastern Digital Pte Ltd and Mitsui & Co held 19.90% and 2.34%, respectively.

Axiata group CEO and managing director Nik Rizal Kamil said the fintech was continuing discussions with other potential investors, with additional capital expected to extend its funding runway and support its growth plans.

Boost’s latest push into SME financial services also comes as it broadens its lending proposition. Earlier in August, the company launched Boost SME, combining business banking, payments and financing in a single platform. The offering includes financing of up to RM300,000, same-day settlements and business banking services.

Boost was launched in 2017 by Axiata Digital and has since expanded from payments and e-wallet services into lending and digital banking. IFC said the company secured a digital banking licence with RHB Bank in 2022, launched Boost Bank in 2024 and began lending through the bank in 2025. Boost also operates a small supply-chain financing platform in Indonesia.

Boost Holdings owns 60% of Boost Bank, with RHB Bank holding the remaining 40%. Boost Bank is one of Malaysia’s five licensed digital banks and began serving customers in June 2024.