Valuing DigiAsia at US $400 Million

Introduces PayMate in Indonesia with Immediate Market Share Expansion, Targeting 2025 Public Listing

MUMBAI, India and NEW YORK, Sept. 24, 2024 (GLOBE NEWSWIRE) -- PayMate India (“PayMate”), a leading provider of B2B payments and services with reputable investors such as Visa & Lightbox, today announced that it has entered into a binding term sheet (the “Proposed Transaction”) for the potential acquisition of DigiAsia Bios Pte Ltd., Singapore, a leading Fintech-as-a-Service (FaaS) company in Indonesia and a fully owned subsidiary of DigiAsia Corporation (NASDAQ: FAAS) (“DigiAsia”).

Under the terms of the Proposed Transaction, an enterprise valuation of US $400 Million for DigiAsia’s business has been determined. Additionally, post the Proposed Transaction, PayMate intends to invest up to US $25 Million in cash, the aggregate financing structure and terms will be finalized in mutual agreement. PayMate and DigiAsia will continue joint due diligence on both entities, identification of the right transaction structure, entering into definitive agreements and the necessary corporate and regulatory approvals of PayMate and DigiAsia which is expected to take up to 60 days. Subsequent to the closing of the Proposed Transaction, PayMate intends to initiate proceedings to list the combined entity in India.

About PayMate

PayMate India Ltd – a leading digital B2B payments company that empowers businesses of all sizes to enhance financial efficiency and streamline B2B payments. The platform simplifies and digitizes B2B payment processes, optimizing working capital, and ensuring timely supplier payments. PayMate's solutions encompass Accounts Payable, Accounts Receivable, Invoice Discounting, Cross Border and Embedded Finance. In FY24, PayMate processed USD 10.5 billion in transactions, serving over 522,000 customers worldwide. With a strong presence in India, CEMEA, and APAC regions, PayMate is the trusted partner for businesses seeking to streamline payment processes.

For more information, visit https://paymate.in/ or follow us on LinkedIn.

About DigiAsia

DigiAsia is a leading Fintech as a Service (FaaS) provider operating a B2B2X model offering its complete Fintech solution in emerging markets. DigiAsia's fintech architecture offers small and medium business enterprises (SMEs) comprehensive embedded finance APIs to streamline processes across the commerce value chain of distributors and customers. DigiAsia's embedded fintech solutions equally address democratizing digital finance access that supports financial inclusion of underbanked merchants and consumers in emerging markets resulting in growth for enterprise business. The suite of B2B2X solutions provided by DigiAsia include, but are not limited to, cashless payments, digital wallets, digital banking, remittances and banking licenses. DigiAsia has recently established a strategic initiative to develop its embedded FaaS enterprise solution with AI capabilities in Southeast Asia, India, and the Middle East, with plans for global expansion. For more information, please visit DigiAsia’s Corporate website here or Investor Relations website here.