Fintech Ecosystem Development Corp. (NasdaqGM:FEXD) entered into a definitive agreement to acquire Rana Financial, Inc. at an enterprise value of $78 million on September 12, 2022. In a related transaction, Fintech Ecosystem Development Corp.

entered into a definitive agreement to acquire Mobitech International LLC (Afinoz) at an enterprise value of $120 million. 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".

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. Hughes Hubbard & Reed LLP is serving as legal advisor and Houlihan Capital is serving as financial advisors to FEXD. David Kretzmer & Associates is serving as legal advisor to Rana.

EF Hutton, division of Benchmark Investments, LLC, is serving as capital markets advisor.