Philippines-based EZAdvance acquires Indian fintech startup Alconomy

Philippines-based EZAdvance Consumer Lending has acquired the tech assets of New Delhi-based Alconomy Technologies to expand into digital banking, per an announcement on Tuesday.

Financial details of the deal were not disclosed.

Alconomy Technologies was started in 2017 as a cryptocurrency exchange and wallet based in India, However, after cryptocurrency trading was banned by the Reserve Bank of India in 2018, Alconomy pivoted to a financial technology venture and is now working on a blockchain-based credit scoring solution.

EZAdvance intends to use Alconomy’s technology to provide digital banking services in the Philippines.

“With over 100 million population, only 23 per cent banking penetration and a 58 per cent mobile phone penetration, the Philippines is ripe for fintech innovation,” Alconomy founder Kashish Manocha said.

Established in 2015 in Oriental Mindoro, Philippines, EZAdvance specialises in consumer lending and trade finance. It is headquartered in Makati City, with offices across the Philippines.

Some of the other players operating in the digital banking space in the Philippines include Ayannah, Coins.ph, FINTQnologies Corp, First Circle, Acudeen, PayMaya, and PesoPay.

Also Read:

Philippines: IFC proposes up to $20m investment in PayMaya operator Voyager

PH fintech startup First Circle raises $26m in Venturra Capital-led Series A round

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.