Exhibit 99.1
Fintech Ecosystem Development Corp. Announces Funding of Trust Account to Extend Deadline to Complete Business Combination
COLLEGEVILLE, PA, January 20, 2023 – Fintech Ecosystem Development Corp. (Nasdaq: FEXD) (“FEXD”) announced today that Revofast LLC, FEXD’s sponsor, has deposited an aggregate of $1,150,000 (representing $0.10 per public share), into FEXD’s trust account. Accordingly, the date by which FEXD has to consummate a business combination has been extended from January 21, 2023 to April 21, 2023 (the “Extension”).
The Extension provides FEXD with additional time to complete its proposed business combination with fintech companies Rana Financial Inc. (“Rana”) and Mobitech International LLC (“Afinoz”).
About Rana Financial Inc.
Rana Financial, Inc. (“Rana”) is a licensed money transfer company founded in 2009 as Rana Express and reorganized in 2022 as Rana Financial, Inc. Rana provides affordable, online, and mobile-app fast transfer of funds between the U.S. and Latin America. Rana has been providing money transfer services in the U.S. market for 12 years and has 30,000 active users. Rana’s money transfer business has grown to 200,000 transactions in 2021.
For additional information, please visit www.ranaexpress.com
About Mobitech International LLC
Mobitech International LLC (dba Afinoz) (“Afinoz”) is an artificial intelligence-enabled digital lending platform used by India’s leading banks, non-banking financial companies (“NBFCs”), and Fintech loan providers. Afinoz’ fintech platform supports enterprises making loans primarily to middle and lower-class borrowers who can obtain Afinoz-mediated loans via its website or through its mobile phone application.
Afinoz’s Fintech platform allows users to obtain loans through its website www.afinoz.com and mobile phone application, which make loans available and affordable to millions of Indian workers and unbanked users by providing access at a low cost. Afinoz’s platform has 50+ lending partners. Afinoz’s database of registered users in India includes more than two million users.
For additional information, please visit www.afinoz.com
About Fintech Ecosystem Development Corp.
Fintech Ecosystem Development Corp. (Nasdaq: FEXD) is a special purpose acquisition company formed for the purpose of effecting one or more business combinations with an intent to focus on the financial technology sector. FEXD is sponsored by Revofast LLC and the management team led by Chief Executive Officer, President and founder Dr. Saiful Khandaker and a team of experienced Fintech business and technology innovators.
For additional information, please visit www.fintechecosys.com.
Important Information and Where to Find It
This press release relates to proposed transactions between FEXD, on the one hand, and each of Rana and Afinoz, on the other hand. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the transaction, FEXD intends to file relevant materials with the United States Securities and Exchange Commission (the “SEC”), including a proxy statement. The proxy statement, when final will be sent to all holders of FEXD’s common stock in connection with FEXD’s solicitation of proxies for the vote