Indonesian fintech startup FinAccel scraps SPAC merger

Unstable market and SEC's tighter audit standards suspend listing plan

FinAccel, a parent of Indonesian retail credit provider Kredivo, is ditching its merger with Victory Park's second SPAC. (Source image from FinAccel website)

KRISTIE NEO and AASTHA MAHESHWARI, DealStreetAsia

March 15, 2022 14:46 JST

SINGAPORE/JAKARTA -- Indonesian digital consumer credit platform FinAccel is scrapping its merger with Victory Park's second special purpose acquisition company (SPAC).

Both companies cited "unfavorable market conditions" and "process delays" as the reasons for pulling the plug on the SPAC deal, according to a statement on Monday. Victory Park Capital (VPC) will instead lead a $145 million private structured investment in Kredivo, a retail credit provider.