FinAccel, the parent of Kredivo, tan AI-enabled digital consumer credit platform in Southeast Asia, and VPC Impact Acquisition Holdings II have entered into a definitive agreement for a business combination. The new company is expected to have a pro forma equity value of approximately $2.5 billion, assuming no redemptions.
Kredivo provides customers in Southeast Asia instant credit financing for e-commerce and offline purchases, as well as personal loans.
The deal is expected to result in over $430 million of cash on the combined company’s balance sheet, reflecting a contribution of up to $256 million of cash held in the SPAC’s trust account (assuming minimal redemptions), a $120 million concurrent PIPE led by Marshall Wace, Corbin Capital, SV Investment, Palantir Technologies, Maso Capital, and sponsor VPC, with a concurrent equity commitment of $55 million from existing FinAccel investors NAVER and Square Peg.
The transaction is anticipated to close no later than the first quarter of 2022. Read more.