FinAccel, a fintech unicorn that operates the “buy now, pay later” service Kredivo in Indonesia, will list via the SPAC: VPC Impact Acquisition Holdings II (VCPB) in a deal that values the combined entity at $2.5 billion.
Kredivo is essentially a digital credit card service mostly for e-commerce, allowing consumers to purchase a product and pay at a later date. Such services have grown rapidly on the back of Indonesia’s vast but underbanked population, who have increasing purchasing power but are deprived of credit services such as conventional cards.
The merger is expected to close no later than the first quarter of 2022
66% of Southeast Asia’s population is unbanked or underbanked, and
FinAccel will launch its services in Vietnam this year and in Thailand and the Philippines next year. The startup also has plans to launch a digital bank in Indonesia this year to offer auto loans, housing loans and other wealth products.
Also interesting timing considering Square and Afterpay.