MDI Ventures, the corporate venturing arm of telecommunications firm Telkom Indonesia, agreed on Wednesday to contribute to the private placement backing Singapore-based consumer credit provider FinAccel’s reverse takeover.
Founded in 2015, FinAccel is the owner of instalment finance provider Kredivo, and had raised a total of at least $120m in equity funding as of its $90m series C round in late 2019.
FinAccel agreed the merger with special purpose acquisition company VPC Impact Acquisition Holdings II in August this year in a deal valuing the merged business at about $2.5bn.
MDI Ventures and fellow existing investors Cathay Innovation and Endeavor Catalyst are hiking the public investment in private equity (PIPE) deal backing the deal from $120m to $125m.
Data analytics service provider Palantir was already part of the PIPE, as were VPC Impact sponsor Victory Park Capital, Marshall Wace, Corbin Capital, SV Investment and Maso Capital.
