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Seamless to become publicly traded via Combination with INFINT Acquisition Corporation

By Leandra Monteiro

August 08, 2022

  • Asia
  • Cross Border Payments
  • FinTech

SeamlessSeamless Group Inc., a global FinTech platform, and INFINT Acquisition Corporation, a special purpose acquisition company, announced the signing of a definitive business combination agreement that is expected to result in a newly combined 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.

Seamless delivers global financial inclusivity for the unbanked and migrant workers in Southeast 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.”

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.

Under the terms of the proposed transaction, Seamless will combine with INFINT and will become a publicly traded entity under a new company name. The transaction values Seamless at an enterprise value at closing of $400 million.

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