- DigiAsia is an Indonesia focussed Embeddable ‘Fintech-As-A-Service’ (FaaS) company, the combined company to be listed under the ticker symbol (Nasdaq: FAAS). Digi provides FaaS across Digital wallets, Utility Bill Payments, Banking-As-A-Service (BaaS), Supply Chain Payments, Remittances and Working Capital Loans to Merchants.
- Strong strategic partnerships validate investment potential. DigiAsia is the exclusive Mastercard partner in Indonesia and its other key partners include Western Union, Starbucks, Garuda Indonesia, Bukalapak, Semen Indonesia, KaiPay, eFishery, and Home Credit.
- The combined operating entity could have access to as much as $200 million in net cash upon deal close which will help fund DigiAsia’s growth by focusing on customer and ecosystem buildout, new BaaS product development, expansion with current customers, and monetization of ecosystem data.
- All current shareholders including Mastercard and Reliance Capital Management (RCM) will roll over 100 percent of their equity.
- 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.
- Yorkville Advisors Global has committed to $100 million of equity financing, including pre-paid advance of up to $30 million in three tranches
- The Transaction values the combined company at a pre-money equity valuation of $500 million and is expected to close in 2Q 2023.
StoneBridge Acquisition Corporation an Asia-Pacific focussed publicly traded special purpose acquisition company (SPAC), announced the signing of a binding business combination agreement with DigiAsia Bios Pte Ltd (“DigiAsia”), Indonesia’s Embeddable ‘Fintech-as-a-Service’ (FaaS) company. Upon completion of the Transaction, the combined company will be named DigiAsia and will trade on The Nasdaq Stock Market under the ticker symbol ‘FAAS’.
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Founded in Jakarta in 2017 by Alexander Rusli and Prashant Gokarn, DigiAsia 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 (TAM) of $245 billion and growing.
DigiAsia is accelerating financial inclusion through its licenses and technology stack by providing Embedded Fintech solutions to B2B2C (Business to Business to Consumer) and B2B2M (Business to Business to Merchant) such as mobile wallets, card issuance, bill payments, cash management, supply chain payments, and lending, among others. The company operates with fintech licenses; to serve Digital Wallets and Payments, Banking As a Service, P2P Lending, Remittances, and other Digital Financial Services.
DigiAsia is the exclusive Mastercard partner in Indonesia and its other key partners include WesternUnion, Bukalapak, Starbucks, Garuda Indonesia, Semen Indonesia, KaiPay, eFishery, and Home Credit.
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