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SPAC Fintech Ecosystem Development files for a $100 million IPO, targeting fintech in South Asia

May 7, 2021

Fintech Ecosystem Development, a blank check company targeting the fintech sector in South Asia, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

The Collegeville, PA-based company plans to raise $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. At the proposed deal size, Fintech Ecosystem Development would command a market value of $125 million.

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 was founded in 2021 and plans to list on the Nasdaq under the symbol FEXD.U. Kingswood Capital Markets is the sole bookrunner on the deal.