PayMate nears $400m acquisition of DigiAsia’s FaaS business
Indian B2B paytech PayMate has inked a preliminary binding agreement which could potentially lead to the acquisition of DigiAsia Bios Pte Ltd. in Indonesia.
PayMate outlines DigiAsia Bios purchase
The acquiree currently operates as the Fintech-as-a-Service (FaaS) subsidiary of DigiAsia Corporation, enabling small businesses to embed fintech services directly into their core offering and value chain.
PayMate says it has determined a $400 million price tag for DigiAsia Bios with the corporation, but has not disclosed an exact timeline for when the transaction would be fully completed.
This proposed purchase value will be joined by an additional $25 million cash investment into the business, which will be part of the financing for the deal, although the exact financial structure and terms are to be finalised by both parties at a later date.
The deal’s preparation phase also includes both companies reviewing each other’s operations to determine the optimal transaction structure and secure the required corporate and regulatory approvals, a process anticipated to take “up to 60 days”.
When closed, PayMate has confirmed its intention to list the newly combined entity on the National Stock Exchange (NSE) of India in 2025.
