StoneBridge Acquisition today announced that its shareholders voted in favor of combining with DigiAsia Bios Pte. Ltd. The Indonesia-based acquisition is an embeddable “Fintech-as-a-Service” company.
Digiasia at deal announcement in January was expected to receive the approximately $200 million in the SPAC’s trust at that time, however, redemptions since then left StoneBridge with about $26.5 million going into the merger vote.
Existing DigiAsia shareholders, which include Mastercard and Reliance Capital Management, a portfolio company of LeapFrog Investments, will roll 100% of their equity into the combined company.
DigiAsia has also secured a partnership with DBS Bank Ltd, the largest bank in Singapore and Southeast Asia, to disburse loans into DigiAsia’s lending marketplace for merchants via its KreditPro platform.
Founded in Jakarta in 2017 by Alexander Rusli and Prashant Gokarn, DigiAsia says it is a leader in embedded fintech and banking in Indonesia. It is committed to responding to all kinds of challenges related to the financial sphere and focused on serving a large total addressable market of $245 billion and growing. Read more.
