Report: Singapore FinTech FinAccel Aims to Raise $100M

Singaporean FinTech FinAccel reportedly aims to raise $100 million at a $1.5 billion valuation.

That valuation would be one-quarter lower than the $2 billion valuation it had in 2021, according to a Bloomberg report that cited unnamed sources familiar with the matter and added that a FinAccel representative declined to comment.

FinAccel is the parent company of Kredivo, which offers an app that provides access to buy now, pay later (BNPL) options for eCommerce purchases as well as digital personal loans in Indonesia, per the report.

FinAccel suspended a planned $430 million initial public offering (IPO) in March, citing adverse market conditions.

Read more: FinAccel Suspends IPO Plans Over Adverse Market

The IPO had been announced in August 2021 and was set to take place via a $2.5 billion merger deal with a special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings II. The listing had been set for Nasdaq under the ticker VPCB.

The decision to halt the IPO was mutual between FinAccel and VPC.

“While unfavorable market conditions have put a pause to our plans to go public in the near-term via the proposed business combination with VPCB, we’re pleased to deepen our relationship with VPC and other high-quality investors through a new private funding round,” FinAccel Group CEO and Co-founder Akshay Garg said in a statement at the time.

About a month later, as part of its growth strategy in the financial services sector, FinAccel acquired a majority stake in the Indonesian private commercial financial institution Bank Bisnis for $200 million in April.

Read more: FinAccel Acquires $200M Majority Stake in Bank Bisnis

“While Kredivo has been at the forefront of consumer credit digitization via our BNPL business over the last several years, the digitization of Indonesian banking service is only getting started,” Garg said at the time.