Global FinTech platform Seamless Group will become publicly traded through a combination with special purpose acquisition company (SPAC) INFINT Acquisition Corp., the two companies announced in a Thursday (Aug. 4) press release.
The transaction values Seamless at an enterprise value of $400 million and aims to provide it with capital to expand the capabilities and reach of its platform, which provides cross-border digital remittances and cashless payment solutions.
Seamless’ umbrella of solutions includes Tranglo and WalletKu, and while the Seamless platform is currently prominent in South East Asia, Seamless CEO Ronnie Hui said the company plans to expand globally.
“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,” Hui said.
Hui and other Seamless leadership will continue to lead the newly-combined company, and Sasha Edgarov, the chairman and CEO of INFINT, will also join the new company’s board of directors.
“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,” Edgarov said in the release.
PYMNTS research has found that cross-border remittances are a lifeline for many developing economies, but high fees and long processing times can make timely payments difficult for those who may be the least able to afford delays.
Read more: New Data: Almost 25% of US Cross-Border Remittance Senders Use Crypto
For these consumers, long payment delays and high transaction fees may have a significant impact on their access to needed funds or on the ability of payers to send the total amounts they intended.
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