(Bloomberg) -- FinAccel Pte, the parent company of Indonesian digital-credit app Kredivo, is seeking to raise about $100 million at a $1.5 billion pre-money valuation, according to people familiar with the matter.
That valuation would be down 25% from about $2 billion last year, said the people who asked not to be identified because the matter is private. In August 2021, Singapore-based FinAccel had agreed to go public in the US through a merger with VPC Impact Acquisition Holdings II, a special purpose acquisition company sponsored by Chicago-based Victory Park Capital Advisors LLC, valuing the combined firms at $2.5 billion. But the two companies agreed to terminate the deal in March this year.
A representative for FinAccel declined to comment.
Valuations for startups have been falling as they gather fresh funds, reversing several years of soaring growth. Sweden’s Klarna Bank AB raised $800 million from investors last month at a $6.7 billion valuation, down from $45.6 billion it achieved in June 2021.
Kredivo’s buy-now-pay-later payment option lets customers get instant financing for e-commerce purchases in Indonesia. It also provides digital personal loans. FinAccel has acquired a majority stake in Indonesia’s PT Bank Bisnis Internasional in a bid to expand into Indonesia’s competitive digital banking space.
FinAccel’s backers include Mirae Asset, Naver Corp., and Square Peg Capital Pty.
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