VPC Impact Acquisition Holdings II, a US-based special purpose acquisition company, has announced that it has agreed with FinAccel – the firm behind Indonesian buy now, pay later platform Kredivo – to close their merger plan, Reuters reported.
Gordon Watson, the co-CEO of VPC Impact, said that the decision was made due to unfavorable public market conditions and process delays outside the control of both companies.
After the termination, VPC Impact will lead a US$145 million private structured investment into FinAccel.
In August 2021, FinAccel announced plans to go public in the US through a deal with VPC Impact. At that time, the company expected the process would close by the first quarter of this year and would put its valuation at US$2.5 billion.
See also: Kredivo used this pitch deck to show investors its plan for a $2.5b IPO
Editing by Miguel Cordon and Lorenzo Kyle Subido
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