StoneBridge Acquisition signed a binding business combination agreement with DigiAsia Bios Pte Ltd at a pre-money equity valuation of $500 million. The Indonesia-based target is an embeddable “fintech-as-a-Service” company.
If approved, upon deal completion DigiAsia will trade on the Nasdaq under the ticker symbol FAAS.
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.
Assuming no redemptions by Stonebridge public shareholders, upon deal close the combined operating entity could have access to as much as $200 million in net cash (after transaction expenses) from the Stonebridge trust.
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.
Source: StoneBridge Acquisition Merging with Southeast Asia's ‘Fintech-As-A-Service' Player – DigiAsia in 0M Deal