On 2 August 2 August FinAccel Kredivo, the Leading Digital Consumer Credit Platform in Southeast Asia, Announces Plans to Become a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings II Read more , Singapore-based FinAccel, the parent company of Indonesia-focused credit lending startup Kredivo, announced that it’s tapping the SPAC route to go public at a valuation of US$2.5 billion. Only the fourth SPAC merger in Southeast Asia, it propelled the nearly six-year-old company into unicorn territory.
The shrinking startup pool for SEA-focused SPACs
Reverse listings or SPACs were all the rage in 2020 and first quarter of 2021, until a regulatory clampdown on the industry. Coupled with the blossoming Indonesia Stock Exchange, the Southeast Asia-focused SPACs are about to have a harder time hunting for targets in the region
Singapore-based Kredivo is the latest company in the region to pursue a SPAC listing but chose to merge with a blank cheque firm owned by a US investor
Local bourses in the region are also waking up to accommodate new economy companies that want to pursue an IPO
SEA-focused SPACs that have been on the prowl for a target since late-2020 are on a tight deadline before they must delist and return investor money
Regulatory crackdowns on SPACs have also cooled the market and investors are more selective than ever about which companies to support