Philippines based EZAdvance Consumer Lending has acquired the tech assets of New Delhi based blockchain-powered fintech startup, Alconomy Technologies, to expand into digital banking offerings.

The price of the deal were not disclosed by the company.

Founded by Kashish Manocha, Alconomy Technologies was initially started as a cryptocurrency exchange and wallet based in India. However, as cryptocurrency trading got banned in 2018 by India's central bank, Reserve Bank of India, Alconomy shifted to a financial technology venture, which is working on Blockchain-based credit scoring solution to empower financial institutions.

The Startup is working on decentralized credit scoring system by storing borrower's data on a blockchain to make loan decision making intelligent, data driven and automatic.

POst acquisition, Alconomy's 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."

Established in 2015 in Oriental Mindoro, Philippines, 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.

Source - Business Wire

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