Kredivo Agrees to SPAC Merger With VPC Impact Acquisition Holdings II

Public debut for Indonesia company to mark largest fintech deSPAC transaction in Asia

Singapore – August 4, 2021 – Cooley advised FinAccel, the parent of artificial intelligence-enabled digital consumer credit platform Kredivo, on its agreement to merge with VPC Impact Acquisition Holdings II (VPCB), a special purpose acquisition company (SPAC) sponsored by Victory Park Capital (VPC), which will result in Kredivo becoming a publicly traded company on Nasdaq. Partners Ferish Patel, Matthew Bartus, Rama Padmanabhan and Will Cai led the Cooley team advising FinAccel on the transaction, which marks the largest fintech deSPAC transaction in Asia.

Upon completion of the transaction, which is expected to close in Q1 2022, the combined company’s anticipated pro forma equity value is approximately $2.5 billion. The deal will result in more than $430 million in cash on the combined company’s balance sheet, reflecting a contribution of up to $256 million in cash held in VPCB’s trust account and a committed $120 million in a private investment in public equity (PIPE) led by Marshall Wace, Corbin Capital Partners, SV Investment, Palantir Technologies, Maso Capital and sponsor VPC, with a concurrent equity commitment of $55 million from existing FinAccel investors Naver and Square Peg.

“As the top buy now, pay later platform in Indonesia, Kredivo is an established force in the large and rapidly growing point of sale financing market,” Akshay Garg, co-founder and chief executive officer of FinAccel, said in a news release. “Unlike Western markets where credit is readily accessible, traditional banks in Southeast Asia have historically provided little consumer credit in our markets, which creates a large opportunity for Kredivo to tap into other credit needs, such as personal loans, and fulfill our vision of providing fast, affordable and easily accessible credit to tens of millions of customers in the region.”

Founded in 2016, Kredivo provides customers with instant credit financing for ecommerce and offline purchases. With nearly 4 million approved customers and a presence across eight of the top 10 ecommerce merchants in Indonesia, it is the largest and fastest-growing buy now, pay later platform, with plans to expand into regional markets such as Vietnam and Thailand in the near future.

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Related Contacts
Ferish Patel Partner in Charge – Singapore Singapore, Hong Kong
Matthew Bartus Partner – Singapore and Principal – Hong Kong Singapore, Hong Kong
Rama Padmanabhan Partner San Diego
Will Cai Partner Hong Kong, Palo Alto
Susan Choy Associate Singapore
Michael Marietta Associate Singapore
Hannah Loo Associate Singapore
Rajdeep Roger Bains Associate San Diego
James Jackson Associate Singapore
Rishab Kumar Associate Palo Alto
Xinwei Li Associate Singapore
Jon Beh Paralegal Singapore
Alexander Lee Partner Los Angeles
Rick Jantz Associate Los Angeles
Aaron Pomeroy Partner Colorado
Sanat Deshpande Paralegal Singapore
Tanisha A. James Partner New York, Washington, DC
Nicholas Brock Associate San Francisco
Stella Sarma Special Counsel Brussels, London
Steve Tonsfeldt Partner Palo Alto
Nicola Squire Associate London
Allison Kutner Associate New York
Andrew Epstein Associate Seattle
David Peinsipp Partner San Francisco, Palo Alto
Jie Zhang Counsel Hong Kong
Paula Holland Partner London
Charles Haley Partner Palo Alto
Joshua Mates Partner San Francisco
Barbara Mirza Partner Los Angeles, Palo Alto
Christopher Kimball Partner Washington, DC
Kristopher Kleiner Associate Colorado
Dillon Martinson Special Counsel Washington, DC
Karen Tsai Special Counsel Washington, DC
David Navetta Partner Colorado
Ann Bevitt Partner London