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.
