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…

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Fernando Moncada Rivera

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