Seamless Group Inc., a leading global fintech platform and INFINT Acquisition Corporation a special purpose acquisition company, today announced the signing of a definitive business combination agreement that is expected to result in a newly-combined company (the “Company”) currently known as Seamless, to be rebranded as part of the business combination. Upon closing of the transaction, the Company will continue to be led by Seamless’ CEO, Dr. Ronnie Hui, a 14-year public company veteran with a proven track-record of execution and achievement of value creation, and Founder, Alex Kong. The boards of directors of Seamless and INFINT have each unanimously approved the transaction.
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Seamless delivers global financial inclusivity for the unbanked and migrant workers in South East Asia. Under the Seamless solutions umbrella are Tranglo, one of Asia’s leading cross-border payment hubs that provides smart services not only for airtime top-ups, but also foreign remittance and business payments, and WalletKu, a fintech application that aims to help Indonesian micro, small and medium enterprises develop digital selling businesses. Seamless enables cross-border digital remittances as well as cashless payment solutions to millions without proper access to mainstream financial services.
Dr. Ronnie Hui, CEO of Seamless, stated, “Today’s announcement is truly an incredible milestone for Seamless Group. This transaction is a step towards broadening our capabilities and reach, enabling the Seamless platform to expand to further depths globally. Currently, our prominent presence in South East Asia is focused in highly populated areas with a large unbanked population which make traditional banking services inefficient and expensive. Our platform enables us to reach these populations, generating continued market opportunity. Though we have experienced great success to-date, we are excited about our further potential, and we believe that we have just begun to scratch the surface in realizing our mission of bringing instantaneous banking to the unbanked by enabling real time, cost efficient cross-border transfers. I am very much looking forward to the partnership with the team at INFINT as we embark on what I believe to be one of the most exciting times in Seamless’ history, to become a vertically integrated fintech group in Asia.”
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Mr. Sasha Edgarov, CEO of INFINT, stated, “Upon formation of INFINT Acquisition Corporation, our team has been hard at work focused on finding the best partner and have evaluated a number of potential candidates. Ultimately, we believe that we have found the ideal partner in Seamless Group, a leading global fintech platform. We believe Seamless is uniquely positioned in the remittance market and our commitment to them will further help build upon what is already a growing business and enhance its value proposition over time.”
INFINT raised gross proceeds of approximately $200 million in its initial public offering, including the overallotment, and was listed on the NYSE on November 19, 2021, with the objective to identify and consummate an initial business combination with a target that can benefit from the investment, operating, and innovating experience of INFINT’s management team and sponsor.
Seamless Investment Highlights:
- Seamless makes available instantaneous banking and other essential financial services for all consumers, including the estimated 2 billion unbanked population in the world with a current and prominent presence in South East Asia
- State-of-the-art digital ecosystem empowers hundreds of millions of consumers and businesses in over 150 countries
- Tangible market opportunity to further expand the platform and presence globally Seamless’ focus is foremost on serving people by giving financial services to those unbanked leveraging both its B2B and B2C platforms, Tranglo and WalletKu:
- Tranglo
- Founded in 2008, the leading Asia Remittance Hub
- An increasing global network of more than 150 countries, 2,000 banks/ wallets, 140,000 cash pick up points and 600 mobile operators
- Ripple, the leading provider of enterprise blockchain and digital currency solutions for cross-border payments, entered into strategic partnership with Tranglo in 2021 to scale RippleNet and their On-Demand Liquidity (‘ODL’) service
- Highly regulated industry with four central bank licenses in Malaysia, Singapore, U.K, and Indonesia
- Total Processing Value (Remittances) in 2021 of $3.3 Billion, total revenue of $48.7 Million and $6.5 Million of EBITDA
- WalletKu
- A fintech application aiming to assist Indonesian micro, small and medium enterprises (‘MSMEs’) to develop digital selling businesses
- Operating in the strategic cities of Jakarta, Depok, Bogor, Bekasi, Bandung, Smarang, Solo and Yogyakarta
- Tranglo
- Invested in strong financial partnerships that spur growth, optimizing the entire value chain of the company
- High barriers to entry in emerging markets
- Increasing pipeline of deals for growth supported by a strong network of strategic partnerships
- Highly experienced leader CEO, Dr. Ronnie Hui, will continue to lead the newly-combined company
- Prior to the completion of the business combination, the Company is expected to hire a Chief Financial Officer with U.S. public company experience
The Company’s board is expected to be comprised of five directors, including Eric Weinstein, INFINT’s Chairman, Sasha Edgarov, INFINT’s CEO, Alex Kong, Seamless’ Founder and Chairman, and two additional appointees of Seamless. At least three of the directors will be independent, consistent with the applicable NYSE listing rules.
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