ASEAN Fintech Group (AFG), a venture corporation specializing in accelerating fintech adoption through accretive value, acquired the Philippines’ leading digital payments provider JazzyPay Inc, valued at USD1.8 million.
By acquiring JazzyPay Inc, ASEAN Fintech Group can build on its vision to create a regional omnichannel platform in the fintech space. In addition, AFG seeks to leverage JazzyPay’s existing partnerships with leading national banks, e-wallets, and payment processors of the metropolitan city.
“At JazzyPay, we provide fast, accessible, and versatile digital payment solutions for businesses of all sizes,” said Kathleen Acosta-Marindo, Co-founder and COO of
“We believe working together and being a part of AFG’s fast-growing portfolio of companies will enhance our capabilities across ASEAN, fast-tracking the advancement of Southeast Asia’s fintech ecosystem and digital future,” Acosta-Marindo added.
So far, AFG has invested over USD10 million in strategic mergers and acquisitions of burgeoning fintech startups within the region. Founders and institutional investors of the startups joining ASEAN Fintech Group were further incentivized with newly issued AFG shares, forming new partnerships with aligned interests towards the
growth of the Group.
AFG intends to expand to two key ASEAN countries this year, particularly Vietnam and Cambodia, as it brings its omnichannel fintech solutions to 7 ASEAN countries in a year.
Overall, the company will expand its operational capacities and grow its key verticals of insurtech, payments, and lending.