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Singapore startup FinAccel announces $2.5bn SPAC listing in US

Operator of Kredivo service in Indonesia targets the unbanked and underbanked

Singapore-headquartered FinAccel, which operates the Kredivo delayed payment service in Indonesia, plans a $2.5 billion U.S. listing via a "blank check" company. (Photo courtesy of FinAccel)

TOKYO -- FinAccel, the fintech startup that operates the "buy now, pay later" service Kredivo in Indonesia, will list in the U.S. market via a "blank check" company in a deal that values the combined entity at $2.5 billion.

The Singapore-headquartered company is the latest Southeast Asian tech company to jump on the special purpose acquisition company (SPAC) bandwagon, following the announcements of Singapore-based Grab's $40 billion deal in April and online realty company PropertyGuru's $1.78 billion one in July.

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