Fintech Ecosystem Development announced today that its sponsor, Revofast, deposited $1.15 million (10 cents a share), into the trust account. This extends the SPAC’s business combination deadline to Jan. 21, 2023.
The SPAC said the extension is necessary to allow more time to complete its proposed business combination with fintech companies Rana Financial and Mobitech International. The deals have a combined enterprise value of $198 million.
Brazil-focused Rana Financial, formerly Rana Express, is a licensed money transfer company founded in 2009.
Mobitech International (dba Afinoz) is an AI-enabled digital lending platform used by some banks in India, non-banking financial companies and fintech loan providers. Read more.
