The corporate-backed consumer credit platform operator will get a Nasdaq listing from the transaction, which will include $120m in Pipe financing co-led by Palantir Technologies.
FinAccel, a Singapore-based consumer credit service backed by a range of corporate investors, agreed yesterday to a reverse merger with special purpose acquisition company VPC Impact Acquisition Holdings II.
The deal implies a pro forma equity valuation of roughly $2.5bn for the merged business, which will take the spot on the Nasdaq Capital Market acquired by VPC Impact II in a $225m initial public offering in March this year.
VPC Impact II is contributing $256m from its trust account to the deal, which will be boosted by $120m in private investment in public equity (Pipe) financing co-led by software supplier Palantir Technologies, Marshall Wace, Corbin Capital, SV Investment, Maso Capital and sponsor Victory Park Capital (VPC).
Internet company Naver and Square Peg, which are both existing shareholders of FinAccel, will invest $55m in equity funding.
Founded in 2015, FinAccel operates an artificial intelligence-equipped, Indonesia-focused consumer credit lending tool dubbed…
