FinAccel, the parent company of Indonesian buy now, pay later service Kredivo, announced that three of its existing investors will join the company’s private investment in public equity (PIPE) deal. The announcement comes amid the fintech firm’s plans to go public in the US.

The funding, which comes from Cathay Innovation, Endeavor Catalyst, and Telkom Group investment arm MDI Ventures, will boost the total commitment for the company’s PIPE deal to more than US$125 million.

FinAccel’s team / Photo credit: FinAccel

In August this year, FinAccel announced its plan to merge with VPC Impact Acquisition Holdings II – a special purpose acquisition company sponsored by Victory Park Capital – to list on the US stock market. The transaction is expected to result in more than US$430 million of cash for the combined entity.

At that time, FinAccel said it got a US$120 million commitment for its PIPE deal from Marshall Wace, Corbin Capital, SV Investment, Palantir Technologies, Maso Capital, and Victory Park Capital. The fintech firm also got a US$55 million equity commitment from existing investors Naver and Square Peg.

The merger is expected to close no later than the first quarter of 2022.

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FinAccel also announced three additions to its board of commissioners: Arsjad Rasjid, CEO of Indika Energy and chairperson of the Indonesian Chamber of Commerce and Industry; Darmin Nasution, former coordinating minister for economic affairs of Indonesia and former governor of Bank Indonesia; and Karen Brooks, a former US diplomat who has served in the White House under several administrations.

In 2019, FinAccel raised US$90 million in series C funding from Square Peg and Asia Growth Fund, which reportedly brought the fintech firm’s valuation to US$500 million.