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Stephen Nacrosis
StoneBridge Acquisition Corp., a blank-checking firm, said it has entered into a business combination agreement that will take DigiAsia, a “Fintech-As-A-Service” company, public.
The deal will see the combined company, named DigiAsia, trade on the Nasdaq stock market under the ticker symbol FAAS, the companies said.
DigiAsia is an Indonesia-focused company that “provides FaaS across digital wallets, utility payments, banking services, supply chain payments, remittances, and working capital loans to merchants,” the companies said. increase. DigiAsia said it is Mastercard’s exclusive partner in Indonesia, and other key partners include Western Union, Starbucks, Garuda Indonesia and Bukalapak.
According to both companies, “All current shareholders, including Mastercard and Reliance Capital Management, will roll over 100% of their shares.”
StoneBridge Acquisition originally filed for an initial public offering in February 2021. At the time, the company said it focused on finding target businesses in e-commerce, fintech, software as a service, renewable energy, information technology, and IT-enabled services.
The deal is expected to close in the second quarter.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com.
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