MyBucks SA, a Luxem- bourg-based FinTech company, that holds the three brands Get- Bucks, GetSure and GetBanked listed on the Frankfurt Stock Ex- change yesterday after a success- ful Initial Public Offer. MyBucks, through GetBucks is the parent company of recently Zimbabwe Stock Exchange-listed GetBucks Zimbabwe. The offer was fully sub- scribed. A total of 1 000 000 newly issued shares and an over-allot- ment of 150 000 shares have been allocated as part of the offering, amounting to a total offer volume of €15,5 million (including over-al- lotment) based on the issue price of €13,50 per share.
Investment holding company Brainworks holds around 2 percent of the listed entity.
The company has an extensive range of businesses in Africa, after having completed several acquisi- tions of banks across countries in Africa. The firm has operations cur- rently in nine countries in Africa and two within Europe. The company is valued at around €150 million
Dave van Niekerk, CEO of My- Bucks, said: “The IPO was an im- portant milestone for our compa- ny’s growth as it will enable us to evolve our current business model in our existing operations, as well as expand into new markets. Our ultimate goal is to drive financial in- clusion through digital technology.”
With more than 300 employees and 400 sales agents and opera- tions in 11 countries, the MyBucks Group has already disbursed over €140 million in consumer loans, re- sulting in top-line revenue of over €30 million in business year 2014 /15 (July 2014 through June 2015).
ing technology allows the compa- ny to distribute its product portfo- lio through online channels (web and mobile), as well as internet ser- vice points thereby enabling cost efficient financial products and services in high-growth emerging markets with the ultimate goal of creating financial inclusion.
MyBuck’s recent acquisition (sub- ject to customary closing condi- tions, including regulatory approval by each central bank in the coun- tries concerned) of three banks, one saving and loans company and two non-bank financial institutions from Opportunity International, Chicago, will fast track MyBucks’ expansion strategy by adding Gha- na, Mozambique and Tanzania, in- creasing its customer base from 150 000 to more than 1,5 million and growing its assets from €71 million to €145 million.
Most importantly, this acquisition will give MyBucks access to fund- ing in local currencies, significantly reducing FX risks.View Full Article