August 3, 2021
FinAccel, the parent company of Indonesian fintech lender Kredivo, has agreed to merge with US-based Victory Park Capital’s second blank cheque firm at a valuation of $2.5 billion.
The transaction will give Kredivo proceeds of $430 million, including a private placement (PIPE) of $120 million led by Marshall Wace, Corbin Capital, SV Investment, Palantir Technologies, Maso Capital, and sponsor Victory Park Capital. FinAccel’s existing investors NAVER and Square Peg Capital will also join the bid, contributing $55 million.
The merger is expected to close by the first quarter of 2022.
The other investors on Kredivo’s cap table include Mirae Asset, Jungle Ventures, Singtel Innov8, Telkomsel Indonesia, MDI Ventures, Cathay Innovation, DST Partners, and Kejora Intervest.
Lending platform Kredivo to go public via $2 5 bln SPAC merger
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Lending platform Kredivo to go public via $2 5 billion SPAC merger
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.