NexGen Fintech Acquisition

Published on June 30, 2024

NexGen Fintech Acquisition

Structured and executed a $180 million acquisition of NexGen Fintech, a digital payments and lending platform serving underbanked populations in Indonesia and Vietnam.

Client

NexGen Fintech Holdings

Practice

spac-mergers-acquisitions

Jurisdiction

NASDAQ / SEC / OJK Indonesia / SBV Vietnam

Value

$180,000,000

Result

Acquisition completed with full regulatory clearance across three jurisdictions, NexGen listed on NASDAQ under ticker NXGF.

Category

Acquisition

Meet the legal team

Attorneys Involved

Our attorneys bring deep expertise and dedication to every case. Learn more about the professionals who guided this matter to a successful resolution, each contributing specialized skills and strategic insight to deliver results for our client.

Jonathan Chan portrait

Jonathan Chan

Chairman & CEO

Greenwich Office

SPAC StructuringCapital MarketsCross-Border M&A
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David Wong portrait

David Wong

Managing Director, Asia-Pacific

Singapore Office

Southeast Asian MarketsTechnology SectorDeal Origination
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Alex Lee portrait

Alex Lee

Chief Financial Officer

Greenwich Office

Financial ReportingSEC ComplianceAudit & Controls
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Client Testimonial

"Aetherium understood our business and our market. Their cross-border expertise made the difference in getting this transaction across the finish line."

— Founder & CEO, NexGen Fintech

Transaction Overview

Aetherium completed the acquisition of NexGen Fintech Holdings, a Jakarta-headquartered digital payments and micro-lending platform operating across Indonesia and Vietnam. The $180 million transaction represented Aetherium’s second successful de-SPAC business combination and reinforced the firm’s position as the premier SPAC for Southeast Asian fintech companies.

Target Profile

NexGen Fintech had built a mobile-first financial services platform serving over 8 million users across Indonesia and Vietnam, two of Southeast Asia’s fastest-growing digital economies. The platform processed over $2 billion in annual payment volume and had originated more than $500 million in micro-loans since inception, with industry-leading repayment rates.

Transaction Structure

  • Enterprise Value: $180 million
  • Consideration: Trust cash, rollover equity, and contingent value rights
  • PIPE: $35 million concurrent private placement from fintech-focused investors
  • Regulatory Capital: Structured to meet OJK and SBV capital adequacy requirements
  • Earnout: Revenue and user growth milestones over 24 months

Cross-Border Complexity

This transaction required navigation of regulatory frameworks across four jurisdictions: SEC and NASDAQ in the United States, OJK (Otoritas Jasa Keuangan) in Indonesia, and the State Bank of Vietnam. Aetherium’s team coordinated parallel regulatory workstreams to achieve clearance within six months of definitive agreement signing.

Strategic Impact

The NexGen acquisition demonstrated Aetherium’s ability to identify and execute transactions in the high-growth fintech vertical within Southeast Asia, further establishing the firm’s reputation as a trusted partner for technology founders seeking access to U.S. public markets.