May 29, 2024

Mergers & Acquisitions

Fintech Ecosystem Merges Rana & Mobitech

Mobitech International, Fintech Ecosystem Development, and Rana Financial announced the definitive agreements toward business combinations. FEXD will buy Mobitech, and FEXD’s subsidiary will merge with the Rana firm. Both will happen as Afinoz and Rana survive the transaction, entirely owned by FEXD’s subsidiaries.

Afinoz serves in India, whereas Rana focuses on Latin America. The firm aims to accelerate money transfers and loan services using technologies like the blockchain, AI, Metaverse, and Web 3.0. The emerging technologies reduce costs significantly and benefit customers in various countries. On gaining approval upon closing, together, they are expected to list on Nasdaq under the symbol NEXD.

The CEO, founder, and president of FEXD, Dr. Saiful Khandaker, said that the acquisitions would provide an excellent competitive place in the Fintech global markets. He also mentioned that it would give neo-banking for locations in Mexico, India, Brazil, and the U.S with other opportunities to expand services across Latin America and East and South Asia.

By developing a global digital financial ecosystem, FEXD will allow businesses and users to use the Internet and mobiles to perform financial transactions efficiently. Remittances, money transfers, multi-currency B2B payments, international & local P2P, merchant payments, mobile wallet payments, agent networks, and global lending are a few.

Combining the business values, Rana is valued for 78 million dollars and Afinoz for 120 million dollars of enterprise value. The press release speaks of no other detail. SPAC is waiting to file the agreements relating to the merger with SEC.

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