Ayannah merges with ECAP for digital financial services

Philippines-based fintech Ayannah has released details of a merger between it and Indian company Electronic Cash and Payment Solutions (ECAP).

The newly formed entity - Ayannah Global - will be a Pan-Asian company focused on delivering cutting-edge digital financial services to the region. Headquartered in Singapore, which Ayannah considers a fintech nexus, the company will seek out talent and partnerships to take its new concepts forward.

Founded in 2010, Ayannah distinguished itself with an AI-driven platform capable of delivering a suite of services and products, including insurance, payments and remittances. These services include:

• Sendah Direct: a scalable SaaS platform which offers mobile phone top-ups, online gaming credits and domestic remittance.
• Sendah: a B2C remittance service with more than 70,000 customers so far.
• Sendah Remit: a bank-grade international remittance transaction facilitator.
• Kaya Credit: a credit scoring service (the first in the Philippines) using AI to incorporate behavioural data into its decision-making.

Focusing its attention on what it calls the “world’s emerging middle class”, or clients which are either migrants or unbanked, the company strives to level the financial playing field by providing affordable, accessible digital payments solutions.

“We have built and operated a stack of innovative digital financial services from payments, commerce and analytics on the social and mobile web,” said the company on its website.

“We have a great team of seasoned veterans and young innovators in web and mobile application development. More importantly, we have a growing and loyal customer base around the world providing us with recurring and quality revenue streams.”

Following a strategy for growth

The decision for the merger with ECAP comes partly in the wake of the COVID-19 pandemic, which has whetted consumer appetites for online banking solutions, open banking and omnichannel distribution platforms.

“Both companies saw huge operational and technological synergies in their products and growth strategy, and a merger will enable the enlarged entity to better reach customers, scale-up product development, and expand their reach within Southeast Asia,” a spokesperson for the venture said.

Bengaluru-based ECAP has been on a similar mission to Ayannah, providing Indian migrants and its unbanked population with the capabilities to transfer money, pay utility bills and organise travel tickets.

The combined Ayannah Global will have operations in the Philippines, India and Indonesia, with a possible expansion into Vietnam on the horizon. Added together, the new company expects to secure over 10mn customers across these locations.

To fulfil this vision, Ayannah Global will start a series B funding round in mid-June, with the expectation of securing between USD$30mn and $50mn in investment.