Fintech Ecosystem Development, a blank check company targeting the fintech sector in South Asia, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one-half of a warrant exercisable at $11.50, and one right to receive one-tenth of a share upon the completion of an initial business combination. Anchor investor Caltech Trading had indicated on 9.9% of units in the offering and entered into a $80 million to $90 million forward purchase agreement with the company.
The company is led by CEO and Director Saiful Khandaker, the founder and Group CEO of fintech platform developer FAMA Holdings, and CFO Jenny Junkeer, the CEO of Junkeer New Era Consulting. The company plans to target the fintech sector in South Asia, focusing on businesses that have developed or are developing technology that addresses the needs of communities and businesses that require new ways to store and transfer money within developing countries and across international borders.
Fintech Ecosystem Development plans to list on the Nasdaq under the symbol FEXDU. EF Hutton acted as sole bookrunner on the deal.
