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…

The rest of this content is only accessible to Global Venturing Subscribers.

This content is only accessible to subscribers. If you are a subscriber, please sign in. Otherwise, if you would like to try before you buy and haven't previously taken out a free trial, you can do so below. You can also see details on subscriptions by clicking the Subscription Options button.

Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.