FinAccel and VPC Impact Acquisition Holdings II to terminate a $2.5bn deal.

FinAccel, the parent of Kredivo, an AI-enabled digital consumer credit platform, agreed to go public via a SPAC merger with VPC Impact Acquisition Holdings II in a $2.5bn deal. The transaction includes a $120m PIPE from Marshall Wace, Corbin Capital, SV Investment, Palantir Technologies, Maso Capital, Victory Park Capital, and a $55m investment from NAVER and Square Peg. The business combination is expected to close no later than the first quarter of 2022. “Since our initial investment in 2020, we continue to be impressed by Kredivo’s rapid growth and strong credit metrics and unit economics. The company has created an impressive platform that enables it to expand into new markets. Its world-class management team has a proven ability to not only execute on its strategy, but also revolutionize fintech across Southeast Asia,” Gordon Watson, VPCB Co-CEO and VPC Partner. On March 14, 2022, FinAccel and VPC Impact Acquisition Holdings II agreed to terminate a $2.5bn deal. “Unfavorable public market conditions and process delays outside of our and Kredivo’s control have affected our transaction timeline and made it infeasible to close the transaction,” Gordon Watson, VPCB Co-CEO and VPC Partner.