Singapore’s FinAccel to go public in a US$2.5b SPAC deal

Indonesia-based Kredivo’s parent company FinAccel has accepted a merger deal that will see it become a publicly-traded company in the US. 

The said merger deal is with VPC Impact Acquisition Holdings II, a Special Purpose Acquisition Company and brings both firms to a US$2.5 billion valuation.

According to an announcement published on Tuesday, the blank-cheque company VPC Impact Acquisition Holdings II is sponsored by Victory Park Capital Advisors LLC, a firm headquartered in Chicago.

This merger includes a private investment in public equity (PIPE) of US$120 million. The PIPE is by a host of investors including Corbin Capital, Marshall Wace, Maso Capital, SV Investment, and Victory Park Capital. 

In a separate cluster, FinAccel’s exiting investors Jungle Ventures, Naver, and Square Peg Capital are alsoinvesting US$55 million of equity.

FinAccel is headquartered in Singapore and is one of a few startups out of Southeast Asia to leverage the US-led growth in SPAC deals. It will also be the first fintech in the region to be listed in the US, with Singapore’s Grab Holdings and PropertyGuru also in line to do the same.