Ayannah, a Phillipino digital financial services provider, and Equity Capital Advisors, an Indian payments company, have merged to form an entity called Ayannah Global, The Business Times reported.
The merged entity will be based in Singapore and will aim to offer affordable and accessible digital financial services to the growing middle-class demographics in the South Asian region.
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The group companies did not disclose the transaction amount involved or other terms of the deal.
The retort also detailed that the new entity will be jointly led by two co-chief executives Miguel Perez, formerly the CEO of Ayannah, and Praveen Suri, formerly the CEO of Equity Capital.
Ray Ferguson, the former Standard Chartered CEO for Asia and the Middle East, has also been named as the chairman of Ayannah Global. He is the founding partner of Singapore-based fintech-focused fund manager and advisory firm Caber Partners and also chairs digital insurer Singapore Life.
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Ayannah Global is expected to see a user base of 10 million and a majority from India and the Philippines. It is also planning to penetrate Indonesia and Vietnam, and expand its fintech offerings suit.
It has launched Kaya, a digital marketplace connecting middle-class customers and entrepreneurs with financial institutions. The services are currently available in the Philippines and will be expanded to India, Vietnam, and Indonesia later this year.
The merged company is now looking to raise between $30 million to $50 million in a Series B funding round.
Both the companies have collectively raised $18 million and their backers include venture capital firms Wavemaker Partners, Golden Gate Ventures, and 500 Startups, along with several other Asian family offices.
Ayannah was established in 2010 and was offering services ranging from payments, remittance, insurance, and telemedicine. Equity Capital, on the other hand, was solely focused on domestic money transfers including utility bill payments, recharges, and travel ticketing.
