Rana Financial, Mobitech International and Fintech Ecosystem Development today announced definitive agreements for business combinations. A subsidiary of FEXD will be merged with Rana, and FEXD will purchase Mobitech (dba Afinoz), with Rana and Afinoz surviving the transactions as wholly-owned subsidiaries of FEXD. Rana serves mostly Latin America, while Afinoz is focused on India.
If approved, upon closing the combined company is expected to list on the Nasdaq under existing ticker symbol FEXD.
Dr. Saiful Khandaker, CEO, president, and founder of FEXD, said, “These acquisitions give us a solid competitive position in the emerging Fintech 3.0 global markets and allow us to provide neobanking services in the U.S., Mexico, Brazil, and India, with opportunities to expand our services to other countries in South and East Asia and Latin America. We aim to use emerging technologies such as blockchain, Web 3.0, Metaverse, and artificial intelligence (AI) to reduce costs and accelerate the processing of money transfers, loans, and other lifestyle services, which will benefit consumers and businesses in many countries.”
FEXD is developing a global digital financial ecosystem to allow consumers and businesses to use mobile devices and the Internet to efficiently perform financial transactions such as money transfers and remittances, local & international P2P, multi-currency B2B payments, global lending, merchant payments, agent networks, and mobile wallet payments.
The business combinations value Rana at an implied $78 million enterprise value and Afinoz at an implied $120 million enterprise value. There were no other deal details in the press release and the SPAC has yet to file the merger agreements with the SEC.
The SPAC raised $100 million in an October 2021 IPO.
Hughes Hubbard & Reed is legal advisor and Houlihan Capital is serving as financial advisor to FEXD. David Kretzmer & Associates is serving as legal advisor to Rana. EF Hutton is capital markets advisor. Read more.
