PLTR - SPAC VPC Impact and Indonesian fintech Kredivo terminate merger

SPAC VPC Impact Acquisition Holdings II (NASDAQ:VPCB) and FinAccel, parent company of Indonesian digital consumer credit platform Kredivo, have mutually terminated their planned merger due to unfavorable market conditions and process delays. In a filing, VPCB said that in connection with the termination, its sponsor, Victory Park Capital, also known as VPC, will lead a $145M private structured investment in Kredivo. Victor Park Capital has a long-standing relationship with Kredivo and has provided credit facilities to the company since July 2020. The SPAC added that unfavorable public market conditions coupled with process delays beyond the companies’ control made the deal’s closing “infeasible” under the terms of the agreement. “We continue to believe in the immense market opportunity for digital consumer credit and banking services in Southeast Asia, and our continued investment in Kredivo reflects our view that the company is well positioned to deliver innovative products and capture market share

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SPAC VPC Impact and Indonesian fintech Kredivo terminate merger