FinAccel Pte, the parent company of Indonesian fintech startup Kredivo, agreed to go public in the U.S. through a merger with a blank-check firm that values the combined companies at $2.5 billion.
FinAccel is merging with VPC Impact Acquisition Holdings II, a special purpose acquisition company sponsored by Chicago-based Victory Park Capital Advisors LLC, the companies said in a statement on Tuesday.
The deal will include a private investment in public equity, or PIPE, of $120 million from investors including Marshall Wace, Corbin Capital, SV Investment, Maso Capital and Victory Park Capital. Separately, existing backers Naver Corp. and Square Peg Capital agreed to invest $55 million of equity.
Singapore-based FinAccel is the latest startup in Southeast Asia to take advantage of a U.S.-led SPAC boom. It’s set to become the first dedicated fintech startup in the region to list in the U.S., joining Singapore’s Grab Holdings Inc. and PropertyGuru Pte, which are also planning to go public via blank-check companies.