Unfavourable market conditions have scuppered the corporate-backed consumer credit company’s planned reverse takeover as it opts instead for more private funding.
FinAccel, a Singapore-headquartered consumer credit service backed by corporates Singapore Telecommunications, Telkom Indonesia, Telkomsel, Naver and GMO, has scrapped a planned $2.5bn reverse merger due to unfavourable market conditions.
The agreement was struck with special purpose acquisition company VPC Impact Acquisition Holdings II (VPCB), which is sponsored by investment manager Victory Park Capital (VPC), in August 2021 and would have valued the combined company at approximately $2.5bn.
The transaction would have been supported by $120m in private investment in public equity (PIPE) financing from data mining software producer Palantir, Corbin Capital, Marshall Wace, SV Investment, Maso Capital and VPC itself. Teleommunications firm Telekom Indonesia’s MDI Ventures unit agreed in October to also contribute to the PIPE.
FinAccel owns and operates Indonesia-based buy now, pay later (BNPL) service Kredivo, which lets shoppers finance purchases over a number of instalments, and which is slated to expand into other markets in…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
