Kredivo to Go Public Through Merger Deal With SPAC

FinAccel, the parent company of leading digital consumer credit platform is Southeast Asia Kredivo says that it has reached an agreement to go public through a merger deal with a special purpose acquisition company (SPAC,) VPC Impact Acquisition Holdings II (VPCB).

The company says the deal is a buy-now-pay-later (BNPL) and it’s worth $2.5 billion which is a clear representation of the fast growing financial technology sector across the world.

This merger deal gives FinAccel gross proceeds of $430 million, inclusive of a private investment of $120 million lead by high ranking investment firms including Palantir Technologies (PLTR), Victory Park Capital and Marshall Wace among others.

Currently, Kredivo is the largest buy-now-pay-later platform in Indonesia. The platform provides clients with instant credit financing for e-commerce and offline purchases as well personal loans.

Kredivo enjoys a customer base of around 4 million approved customers and operations across eight of the top ten e-commerce merchants in Indonesia.

The company says it’s looking into expanding its operations to other regional markets including Thailand and Vietnam.

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