Sometimes, it's not you or the other person. It's just that there's too much going on. That's basically why FinAccel (which runs Indonesian BNPL, Kredivo) and VPC Impact Acquisition Holdings II (a SPAC in the US) have just terminated their merger. Kiss that $2.5B SPAC deal goodbye.

• "Unfavorable public market conditions and process delays" out of the two's control affected their timeline, so they decided to call the US listing quits.
• It would have been the first SEA fintech listed on a US exchange.

🤓  Who's FinAccel?

FinAccel handles two main fintech arms:

Kredivo. As Indonesia's largest BNPL provider, it has around 4M approved customers and partnerships with over 1,000 merchants.

• It can offer loans of up to 30M rupiah (around $2,100) in just 2 minutes.
• Pay after 30 days or 3, 6 or 12 months with 0 downpayment.
  

KrediFazz. This less-known sibling is a P2P lender that provides instant personal loans.

🤑  What was the $$$ for anyway?

The $2.5B deal was to fund Kredivo's expansion outside Indonesia. The ambition? Be SEA's leading BNPL.

• It first launched in Vietnam in August last year.
• While its main focus is Indonesia, it had plans to launch in Thailand and the Philippines this year.

Doing more. Right now, the company's focused on shopping and personal loans. In the future, they want people to think of Kredivo for larger purchases, like motorcycle and car loans and credit cards.

• The work has begun. FinAccel has bought a 40% stake in a small bank that it wishes to transform into an SME and retail-focused digibank.

➡️  What now?

Since the SPAC deal's out, Victory Park Capital (VPC) will be leading a $145M private structured investment in Kredivo instead.