JAKARTA - FinAccel, the parent company of Kredivo, the leading AI technology-based digital credit platform in Southeast Asia, and VPC Impact Acquisition Holdings II (NASDAQ: VPCB) as a Special Purpose Acquisition Company (SPAC) supported by Victory Park Capital (“VPC”) , announced today that they have entered the stage of a definitive agreement for the merger of their business, which will eventually take FinAccel to a public company, with a pro-forma equity valuation of around US$2.5 billion, assuming no redemption.
Co-CEO of VPCB and Partner of VPC, Gordon Watson, said, “Since our first investment in 2020, we have continued to be amazed by the fast growth as well as Kredivo's credit metrics and unit economics. Kredivo has delivered an amazing platform capable of expanding into new markets. The ability of Kredivo's world-class management team has proven not only capable of executing its business strategy, but also revolutionizing the fintech industry in Southeast Asia."
FinAccel has previously been supported by leading investors such as Square Peg, Mirae Asset, NAVER, Jungle Ventures, GMO Internet, and Telkom Indonesia.
At the end of the transaction, the combined company is expected to have a pro-forma equity valuation of around US$2.5 billion, assuming no redemption. The transaction is also expected to generate more than US$430 million in cash on the combined company balance sheet, representing a contribution of up to US$256 million in cash that has been deposited in the VPCB trust account (assuming no VPCB shareholders redeem their shares), and US$120 million in private placement (PIPE) led by Marshall Wace, Corbin Capital, SV Investment, Palantir Technologies, Maso Capital and VPC sponsors, along with an additional US$55 million equity commitment from former investor NAVER (through NAVER Financial) and Square Pegs. (LM)