MyBucks S.A. Successfully Implements Refinancing Measures
- Hard currency refinancing rate drops from c. 21% to 15% per annum
- Annualized cost savings in excess of EUR6m
Luxembourg - March 8, 2018 – Frankfurt-listed FinTech MyBucks S.A. (“MyBucks” or the “Company”, ISIN: LU1404975507, Bloomberg: MBC:GR) has successfully completed anticipated refinancing measures. As a result of the successful private placement in the amount of EUR 11.7 million some weeks ago, with the strong backing of MyBucks’ key shareholders, MyBucks has dropped the hard currency refinancing rate in average from c. 20% to below 15% per annum.
This change leads to an annualised pro-forma cost saving of EUR6m that will be fully effective in the next full financial year 2018/2019.
Tim Nuy, Deputy CEO, MyBucks, said: “The reduction of our refinancing costs is a very important strategic milestone and will lead to immediate positive effects on our net earnings. Next step now is to significantly increase lending volumes. We are working on several measures for increasing our refinancing which includes bank-to-bank financing - similar to the successful partnership we have already with German technology bank FinTech Group -, the issuance of various debt instruments like bonds or convertibles and also taking retail deposits in the countries where we have the required licenses to do so.”
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 and GetSure the company offers impact loans, 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 as well as in Australia. 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