FinAccel Pte Ltd. entered into a definitive agreement to acquire VPC Impact Acquisition Holdings II (NasdaqCM:VPCB) in a reverse merger transaction for $1.9 billion on July 29, 2021. VPC Impact Acquisition also announced $120 million fully committed financing. FinAccel Pte will publicly list. On closing board of directors will consist of five to seven 5 to 7 members, with one member initially designated by VPC, two members initially designated by the FinAccel, and the remaining members initially designated jointly by VIH and the VPC and FinAccel.

The proposed business combination has been unanimously approved by the respective Boards of Directors of FinAccel and VPCB and is subject to approval by VPCB's stockholders, regulatory approvals, registration statement on Form F-4 and the effectiveness of the Registration Statement, approval of the listing of the shares issued by VPC Impact, VPC Impact having at least $300 million in available cash, the transactions contemplated by the PIPE Financing shall have been consummated and other customary closing conditions. As of September 29, 2021, parties entered into First Amendment to Business Combination Agreement pursuant to which the Business Combination Agreement was amended to amend the definition of “ Minimum Available Cash Amount ” to mean an amount equal to $310,000,000 along with certain other technical clarifications. The business combination is expected to close no later than the first quarter of 2022.

Goldman Sachs (Singapore) Pte. acted as the financial advisor and Ferish Patel, Matthew Bartus, Rama Padmanabhan, Will Cai, Jon Beh, Alexander Lee, Aaron Pomeroy, Sanat Deshpande, Tanisha James, Stella Sarma, Steven Tonsfeldt, David Peinsipp, Paula Holland, Charles D. Haley, Joshua O. Mates, Barbara Mirza, Chris Kimball, Karen Tsai, David Navetta and Ann Bevitt of Cooley LLP acted as the legal advisor to FinAccel. Raymond Bogenrief and James Hu of White & Case LLP acted as the legal advisor to VPCB. Citigroup is serving as capital markets advisor to VPCB. William Lee and Laura Rogers of Walkers acted as legal advisors for FinAccel.

FinAccel Pte Ltd. cancelled the acquisition of VPC Impact Acquisition Holdings II (NasdaqCM : VPCB) in a reverse merger transaction on March 11, 2022. Following the termination, VPC Impact will be entitled to receive an aggregate sum not to exceed $4 million as termination fee, payable by FinAccel within 6 months from the date of the termination agreement.