Rana Financial, Inc. ("Rana") a Georgia corporation, Mobitech International LLC ("Afinoz") a limited liability company organized in the United Arab Emirates, and Fintech Ecosystem Development Corp. ("FEXD") a special purpose acquisition company, today announced definitive agreements for business combinations pursuant to which, a subsidiary of FEXD will be merged with and into Rana, and FEXD will purchase Afinoz, with Rana and Afinoz surviving the transactions as wholly-owned subsidiaries of FEXD. Upon closing the transactions, the combined company is expected to remain listed on the NASDAQ and trade under the existing ticker symbol "FEXD".

Dr. Saiful Khandaker, Chief Executive Officer, President, and founder of FEXD, said, "These acquisitions give us a solid competitive position in the emerging Fintech 3.0 global markets and allow us to provide neobanking services in the U.S., Mexico, Brazil, and India, with opportunities to expand our services to other countries in South and East Asia and Latin America. We aim to use emerging technologies such as blockchain, Web 3.0, Metaverse, and artificial intelligence (AI) to reduce costs and accelerate the processing of money transfers, loans, and other lifestyle services, which will benefit consumers and businesses in many countries."

Rolando Polanco, President and co-founder of Rana, said, "I look forward to helping to lead the development of FEXD's Payment Business in the United States, Latin America, and the rest of the world, which has a great deal of growth potential."

"As part of the FEXD ecosystem, we believe we can expand our Afinoz portfolio of digital financial services in India and expand into new countries and markets," said Pankaj Satija, Chief Executive Officer of Afinoz. Afinoz is an A.I.-based digital lending platform used by India's leading financial institutions and two million consumers.

FEXD is developing a global digital financial ecosystem to allow consumers and businesses to use mobile devices and the Internet to efficiently perform financial transactions such as money transfers and remittances, local & international P2P, multi-currency B2B payments, global lending, merchant payments, agent networks, and mobile wallet payments...to name a few.

Transaction Overview

The business combinations value of Rana at an implied $78.0 million enterprise value and Afinoz at an implied $120.0 million enterprise value. The boards of directors of both FEXD, Rana and Afinoz have unanimously approved the proposed transactions, which are expected to be completed in the first quarter of 2023, subject to, among other things, the approval by FEXD's stockholders and satisfaction or waiver of the other conditions stated in the definitive documentation.

Additional information about the proposed transactions, including a copy of the business combination agreements and investor presentation, will be provided in a Current Report on Form 8-K to be filed by FEXD with the Securities and Exchange Commission and available at www.sec.gov.