In brief: 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. Financial details of the deal were not disclosed.

EZAdvance Consumer Lending is a rapidly growing financial services
company specializing in Consumer lending and Trade Finance with
headquarters in Makati City and offices across Philippines.

Alconomy Technologies was started in 2017 as a cryptocurrency exchange
and wallet based in India. The cryptocurrency trading got banned by
Reserve Bank of India in 2018. Their technology will help EZAdvance in
providing digital banking services in the Philippines.

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

Boris Merkenich, CEO of EZAdvance, said, “EZAdvance has been
successfully serving clients for years, developing a powerful body of
knowledge and expertise in consumer finance in the Philippines. With our
customer-centric philosophy and technology capabilities, we will be
offering banking services nationwide digitally.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20190108005454/en/