MyBucks Enters the Australian Market
- Entering a EUR 2+ billion FinTech industry in Australia
- Adding more than ten thousand clients and boosting loan book by EUR 7 million
Luxembourg, 17 January - – Frankfurt-listed FinTech, MyBucks, has announced that it will be expanding into the Australian digital lending space with the acquisition of micro-finance company, Fair Go Finance Pty Ltd. (“Fair Go Finance”).
MyBucks has acquired a 75% stake in Fair Go Finance, for a consideration of AU$ 3 million (c. EUR2.1 million) through an issuance of 117,613 shares in MyBucks S.A. at a share price of EUR 17.67 per share.
Fair Go Finance - which has been in operation for nine years - is a fully digital financial services provider in Australia. In the last financial year ending 30 June 2016, Fair Go Finance generated revenue of c. EUR 3 million with a gross loan book of c. EUR 7 million.
CEO of MyBucks, Dave van Niekerk says, “Fair Go is well placed to bring MyBucks into the Australasian market and comes with a dedicated client base and local operational know-how.” “This acquisition affords MyBucks the opportunity to expand our footprint and build on activities in Oceania and Australia with a potential funding line more than EUR 4 million,” he adds.
According to Austrialian FinTech Research, the Australian FinTech industry revenue is predicted to grow at a compound annual growth rate (CAGR) of 76.3% and exceed EUR 2.3 billion by 2020. Van Niekerk highlights that in line with the businesses strategy at this time, unlocking such an emerging geographical region is key. “With our technological know-how, innovation and experience in establishing such services in unserved regions, MyBucks will continue to build the critical mass required to support growth and development.”
MyBucks S.A. (WKN: A2AJLT, ISIN: LU1404975507, Ticker Symbol: MBC: GR) is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks, GetBanked and GetSure the company offers unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in twelve African and two European countries. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks’ product offering enables customers to manage their financial affairs easily and conveniently
Discover more at: www.mybucks.com