Cooley LLP and Walkers Singapore advised FinAccel on the deal.
FinAccel, the parent of artificial intelligence-enabled digital consumer credit platform Kredivo, announced 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.
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.
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.
The Cooley team was led by Ferish Patel (Picture), Matthew Bartus, Rama Padmanabhan and Will Cai. Additional assistance was provided by Susan Choy, Michael Marietta, Hannah Loo, Raj Bains, James Jackson, Rishab Kumar, Xinwei Li, Jon Beh, Alexander Lee, Rick Jantz, Aaron Pomeroy, Sanat Deshpande, Tanisha James, Nicholas Brock, Stella Sarma, Steven Tonsfeldt, Nicola Squire, Allison Kutner, Andrew Epstein, David Peinsipp, Jie Zhang, Paula Holland, Charles Haley, Joshua Mates, Barbara Mirza, Chris Kimball, Kris Kleiner, Dillon Martinson, Karen Tsai, David Navetta and Ann Bevitt.
The Walkers Singapore was led partner Laura Rogers, with support from Hong Kong counsel William Lee and Singapore senior associate Michael Kenny.
Involved fees earner: Rajdeep Roger Bains – Cooley LLP; Matthew Bartus – Cooley LLP; Ann Bevitt – Cooley LLP; Nicholas Brock – Cooley LLP; Will Cai – Cooley LLP; Susan Choy – Cooley LLP; Andrew Epstein – Cooley LLP; Charles Haley – Cooley LLP; Paula Holland – Cooley LLP; James Jackson – Cooley LLP; Tanisha James – Cooley LLP; Rick Jantz – Cooley LLP; Christopher Kimball – Cooley LLP; Kristopher Kleiner – Cooley LLP; Rishab Kumar – Cooley LLP; Allison Kutner – Cooley LLP; Alexander Lee – Cooley LLP; Xinwei Li – Cooley LLP; Hannah Loo – Cooley LLP; Michael Marietta – Cooley LLP; Dillon Martinson – Cooley LLP; Joshua Mates – Cooley LLP; Barbara Mirza – Cooley LLP; David Navetta – Cooley LLP; Rama Padmanabhan – Cooley LLP; Ferish Patel – Cooley LLP; David Peinsipp – Cooley LLP; Aaron Pomeroy – Cooley LLP; Stella Sarma – Cooley LLP; Nicola Squire – Cooley LLP; Steve Tonsfeldt – Cooley LLP; Karen Tsai – Cooley LLP; Jie Zhang – Cooley LLP; Michael Kenny – Walkers Global; William Lee – Walkers Global; Laura Rogers – Walkers Global;