- Fatfish’s (FFG) ASEAN Fintech Group (AFG) acquires 87.44 per cent of JazzyPay at US$1.57 million (A$2.1 million)
- The acquisition values the Filipino digital payments provider at US$1.8 million and will be settled through the issue of nearly 25,000 new shares in AFG
- Fatfish’s direct shareholding in AFG will be diluted to around 67.2 per cent following the issue of shares and completing the ongoing restructuring and repositioning exercise
- Upon completion of the acquisition, the two co-founders of JazzyPay will continue to manage the company for a period of three years and will be remunerated US$2,500 per month
- FFG shares are up 7.89 per cent and trading at 4.1 cents
Fatfish’s (FFG) ASEAN Fintech Group (AFG) has acquired 87.44 per cent of JazzyPay at US$1.57 million (A$2.1 million).
The acquisition valued the Filipino digital payments provider at US$1.8 million and will be settled through the issue of 24,878 new shares in AFG, signifying AFG’s expansion as the fintech arm of Fatfish into the Phillipines.
Subsequent to the issue of shares and completion of ongoing restructuring and repositioning exercise, Fatfish’s direct shareholding in AFG will be diluted to around 67.2 per cent, a 3.6 per cent change.
Fatfish will also have an indirect shareholding in AFG through its Swedish subsidiary Abelco Investment Group which will hold around 20 per cent of AFG’s enlarged share capital.
Upon completion of the acquisition, the two co-founders, Joshua Marindo and Kathleen Acosta-Marindo, will continue to manage JazzyPay for a period of three years and will be remunerated US$2,500 per month.
The company said that the acquisition is in line with the company’s vision of making inroads into the dynamic markets of the Southeast Asian region with its multi-vertical fintech solutions and services.
JazzyPay’s business model will provide multiple business synergies to Fatfish’s fintech portfolio, facilitating the entry of other Finfish’s fintech businesses into the Philippines.
To date, JazzyPay has processed over US$2.1 million in transactions.
FFG shares were up 7.89 per cent, trading at 4.1 cents as of 11:50 am AEST.