Seamless goes public via SPAC

Fintech Seamless, geared towards the unbanked in South East Asia, is going public via a SPAC vehicle called INFINT Acquisition.

The valuation is around $400m.

Seamless helps the unbanked and migrant workers in South East Asia. One of the Seamless solutions umbrella is Tranglo. It’s a cross-border payment hubs that provides smart services not only for airtime top-ups, but also foreign remittance and business payments.

Another is 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, said: “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.”