Singapore digital infrastructure company EFGH to pursue US listing via Spac

[SINGAPORE] Singapore-headquarted financial Internet infrastructure company Embed Financial Group Cayman Holdings (EFGH) plans to list in the US via a special purpose acquisition company (Spac).

EFGH announced on Wednesday (Dec 3) that it has entered into a business combination agreement with WinVest Acquisition Corp, a publicly traded Spac.

“The proposed transaction values EFGH at a pro forma enterprise value of approximately US$425 million,” it added.

A Spac is a shell company with no operating businesses, formed to raise money through an initial public offering so that it can later acquire another company.

Upon the proposed business combination’s close, WinVest Holdings Corp, a newly formed Cayman Islands holding company which is expected to be renamed Embed Financial Global Holdings, will become the publicly traded parent of the combined company.

EFGH builds digital infrastructure for the “Finternet” – an interconnected system designed to improve access to essential financial services. The company’s focus is on enabling embedded financial services such as insurance, remittances, credit and digital wallets in emerging markets.

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Dennis Ng, its founder, executive chairman and group chief executive officer, said: “A Nasdaq listing will accelerate our mission to build the ‘Finternet’ for underserved consumers and SMEs (small and medium-sized enterprises) across Africa and Asia.”

Ng will serve as executive chairman and group CEO of the combined company.