2022-10-21 | NDAQ:FEXD | Press Launch

2022-10-21 | NDAQ:FEXD | Press Launch

COLLEGEVILLE, PA / ACCESSWIRE / October 21, 2022 / Fintech Ecosystem Improvement Corp. (NASDAQ:FEXD) (“FEXD”) introduced in the present day that Revofast LLC, FEXD’s sponsor, has deposited an mixture of $1,150,000 (representing $0.10 per public share), into FEXD’s belief account. Accordingly, the date by which FEXD has to consummate a enterprise mixture has been prolonged from October 21, 2022 to January 21, 2023 (the “Extension”).

The Extension offers FEXD with extra time to finish its proposed enterprise mixture with fintech corporations Rana Monetary Inc. (“Rana“) and Mobitech Worldwide LLC (“Afinoz“).

About Rana Monetary Inc.

Rana Monetary, Inc. (“Rana“) is a licensed cash switch firm based in 2009 as Rana Categorical and reorganized in 2022 as Rana Monetary, Inc. Rana offers reasonably priced, on-line, and mobile-app quick switch of funds between the U.S. and Latin America. Rana has been offering cash switch providers within the U.S. marketplace for 12 years and has 30,000 energetic customers. Rana’s cash switch enterprise has grown to 200,000 transactions in 2021.

For extra data, please go to https://ranaexpress.com/en/

About Mobitech Worldwide LLC

Mobitech Worldwide LLC (dba Afinoz) (“Afinoz“) is a synthetic intelligence-enabled digital lending platform utilized by India’s main banks, non-banking monetary corporations (“NBFCs”), and Fintech mortgage suppliers. Afinoz’ fintech platform helps enterprises making loans primarily to center and lower-class debtors who can receive Afinoz-mediated loans through its web site or by way of its cell phone software.

Afinoz’s Fintech platform permits customers to acquire loans by way of its web site www.afinoz.com and cell phone software, which make loans out there and reasonably priced to hundreds of thousands of Indian staff and unbanked customers by offering entry at a low price. Afinoz’s platform has 50+ lending companions. Afinoz’s database of registered customers in India contains greater than two million customers.

For extra data, please go to www.afinoz.com

About Fintech Ecosystem Improvement Corp.

Fintech Ecosystem Improvement Corp. (NASDAQ:FEXD) is a particular function acquisition firm shaped for the aim of effecting a number of enterprise combos with an intent to give attention to the monetary expertise sector. FEXD is sponsored by Revofast LLC and the administration staff led by Chief Govt Officer, President and founder Dr. Saiful Khandaker and a staff of skilled Fintech enterprise and expertise innovators.

For extra data, please go to www.fintechecosys.com.

Vital Info and The place to Discover It

This press launch pertains to proposed transactions between FEXD, on the one hand, and every of Rana and Afinoz, then again. This press launch doesn’t represent a suggestion to promote or change, or the solicitation of a suggestion to purchase or change, any securities, nor shall there be any sale of securities in any jurisdiction wherein such supply, sale or change could be illegal previous to registration or qualification beneath the securities legal guidelines of any such jurisdiction. In reference to the transaction, FEXD intends to file related supplies with the US Securities and Alternate Fee (the “SEC“), together with a proxy assertion. The proxy assertion, when remaining will probably be despatched to all holders of FEXD’s widespread inventory in reference to FEXD’s solicitation of proxies for the vote by FEXD’s stockholders with respect to the transaction and different issues as described within the proxy assertion. Buyers and safety holders and different events are urged to learn the proxy assertion, any amendments thereto and another paperwork filed with the SEC fastidiously and of their entirety once they turn into out there as a result of they are going to comprise vital details about FEXD, Rana, Afinoz and the transactions. Buyers and safety holders might receive free copies of the proxy assertion, any amendments thereto, and different paperwork filed with the SEC by FEXD by way of the web site maintained by the SEC at http://www.sec.gov, or by directing a request to: Fintech Ecosystem Improvement Corp., 100 Springhouse Drive, Suite 204, Collegeville, PA 19426. Earlier than making any voting or funding resolution, buyers and safety holders of FEXD are urged to learn the proxy assertion and all different related paperwork filed or that will probably be filed with the SEC in reference to the proposed transaction as they turn into out there as a result of they are going to comprise vital details about the proposed transaction.

Individuals within the Solicitation

FEXD, Rana and Afinoz and their respective administrators and sure of their respective govt officers and different members of administration and workers could also be thought of individuals within the solicitation of proxies with respect to the transaction. Details about the administrators and govt officers of FEXD will probably be set forth within the proxy assertion and different related supplies to be filed with the SEC concerning the transaction once they turn into out there. Further data concerning the individuals within the proxy solicitation and an outline of their direct and oblique pursuits, by safety holdings or in any other case, may also be included within the proxy assertion and different related supplies to be filed with the SEC concerning the transaction once they turn into out there. Stockholders, potential buyers and different individuals ought to learn the proxy assertion fastidiously when it turns into out there earlier than making any voting or funding choices. When out there, these paperwork could be obtained freed from cost from the sources indicated above.

No Provide or Solicitation

This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase any securities, nor shall there be any sale of securities in any jurisdiction wherein such supply, solicitation or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such jurisdiction. No providing of securities shall be made besides via a prospectus assembly the necessities of Part 10 of the U.S. Securities Act of 1933, as amended (the “Securities Act“).

Ahead-Trying Statements

The knowledge on this press launch contains “forward-looking statements” inside the which means of Part 27A of the Securities Act and Part 21E of the Securities Alternate Act of 1934, as amended. All statements, apart from statements of current or historic truth included on this presentation, concerning FEXD’s proposed acquisition of Rana and Afinoz, FEXD’s capability to consummate the transaction, the event and efficiency of the merchandise of Rana and Afinoz (together with the timeframe for growth of such merchandise), the advantages of the transaction and the mixed firm’s future monetary efficiency, in addition to the mixed firm’s technique, future operations, estimated monetary place, estimated revenues and losses, projected prices, prospects, plans and targets of administration are forward-looking statements. When used on this press launch, the phrases “might,” “ought to,” “will,” “might,” “imagine,” “anticipate,” “intend,” “estimate,” “count on,” “undertaking,” the adverse of such phrases and different related expressions are meant to establish forward-looking statements, though not all forward-looking statements comprise such figuring out phrases. These forward-looking statements are primarily based on administration’s present expectations and assumptions about future occasions and are primarily based on presently out there data as to the end result and timing of future occasions. Besides as in any other case required by relevant legislation, FEXD, Rana and Afinoz disclaim any obligation to replace any forward-looking statements, all of that are expressly certified by the statements on this part, to replicate occasions or circumstances after the date of this press launch. FEXD, Rana and Afinoz warning you that these forward-looking statements are topic to quite a few dangers and uncertainties, most of that are troublesome to foretell and lots of of that are past the management of any of FEXD, Rana or Afinoz. As well as, FEXD cautions you that the forward-looking statements contained on this press launch are topic to the next components: (i) the danger that the transaction is probably not accomplished in a well timed method or in any respect, (ii) the failure to fulfill the situations to the consummation of the transaction, together with the approval by the stockholders of FEXD and the receipt of sure governmental and regulatory approvals, (iii) the shortcoming to finish any extra financings, (iv) the incidence of any occasion, change or different circumstance that would give rise to the termination of the enterprise mixture agreements, (v) the end result of any authorized proceedings that could be instituted in opposition to Rana, Afinoz and/or FEXD associated to the enterprise mixture agreements or the transactions contemplated thereby, (vi) the power to keep up the itemizing of FEXD inventory following the enterprise combos, (vii) volatility within the worth of FEXD’s securities, (viii) prices associated to the transactions and the failure to understand anticipated advantages of the transactions or to understand estimated professional forma outcomes and underlying assumptions, together with with respect to estimated stockholder redemptions, (ix) the impact of the announcement or pendency of the transaction on Rana’s and/or Afinoz’s enterprise relationships, working outcomes, efficiency and companies typically, (x) dangers that the transactions disrupt present plans and operations of Rana and/or Afinoz, (xi) adjustments within the capital construction of FEXD following the enterprise combos, (xii) adjustments within the aggressive industries and markets wherein Rana and Afinoz function or plan to function, (xiii) adjustments in legal guidelines and laws affecting Rana’s and/or Afinoz’s enterprise, (xiv) the power to implement enterprise plans, forecasts, and different expectations after the completion of the transactions, and establish and notice extra alternatives, (xv) dangers associated to the restricted working historical past or Rana and Afinoz and the rollout of extra enterprise choices by Rana and Afinoz, (xvi) dangers associated to Rana’s and Afinoz’s potential lack of ability to attain or keep profitability and generate money, (xvii) present and future situations within the world economic system, together with on account of the impression of the COVID-19 pandemic, and their impression on Rana and Afinoz, their enterprise and markets wherein they function, and (xviii) the potential lack of ability of Rana and/or Afinoz to handle development successfully. Ought to a number of of the dangers or uncertainties described on this press launch, or ought to underlying assumptions show incorrect, precise outcomes and plans might totally different materially from these expressed in any forward-looking statements. The foregoing record of dangers isn’t exhaustive. Further data regarding these and different components that will impression the operations and projections mentioned herein could be present in FEXD’s periodic and different filings with the SEC. FEXD’s SEC filings can be found publicly on the SEC’s web site at www.sec.gov.

For Buyers

Rittesh Suneja

Electronic mail: [email protected]

For Media

Michael Tomczyk

Electronic mail: [email protected]

For Fintech Ecosystem Improvement Corp.

Dr. Saiful Khandaker

[email protected]

SOURCE: Fintech Ecosystem Improvement Corp.

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