Digital infrastructure firm EFGH plans to list in America via SPAC

Proposed transaction values S'pore-based firm at pro forma enterprise value of $550m

- Sheila Chiang Business Correspondent

Singapore-headquartered digital infrastructure firm Embed Financial Group Cayman Holdings (EFGH) on Dec 3 revealed its plans to list in the US via a special purpose acquisition company (SPAC).

A SPAC is a publicly traded "shell" company that raises capital through an initial public offering (IPO) with the sole purpose of acquiring or merging with a private company.

EFGH said it entered into a business combination agreement with WinVest Acquisition Corp, a SPAC. The proposed transaction values EFGH at a pro forma enterprise value of about US$425 million (S$550 million).

Upon the closing of the business combination, WinVest Holdings, a newly formed Cayman Islands holding firm, which is expected to be renamed Embed Financial Global Holdings, shall become the parent of the combined company.

Mr Dennis Ng, founder, executive chairman and group chief executive of EFGH, said: "A Nasdaq listing will accelerate our mission to build the finternet for underserved consumers and SMEs across Africa and Asia."

The finternet is a universal digital infrastructure that interconnects multiple financial ecosystems.