SafeCharge: Strategic partnership and investment
SafeCharge (AIM: SCH), the global provider of payments services, technologies and risk management solutions for online and mobile businesses, announces that it has agreed to enter into a strategic partnership with German based FinTech Group AG (“FinTech”) which is listed on the Frankfurt Stock Exchange (FLA.GR).
Under the partnership, SafeCharge will work with FinTech’s BIW Bank subsidiary to develop banking services offerings in areas including banking transaction services, mobile payments and debit cards. BIW Bank is a full service bank with over €1.3 billion of customer deposits. SafeCharge will use BIW Bank’s platform to offer a full suite of banking services to its client base. BIW Bank will be one of the partner banks for the Company’s launch of its PAY.COM consumer mobile payment wallet and digital account in Germany. As part of the strategic partnership SafeCharge has invested approximately €10 million for a 5% equity interest in FinTech.
David Avgi, Chief Executive Officer of SafeCharge, said:
“Safecharge’s portfolio of services and products will be enhanced by the strategic partnership with FinTech Group. The partnership marks another step in our strategy to create a new generation of financial services and payments for a global customer base. The business we are building is expanding into new geographies, market verticals and services, increasing our presence throughout the payments system. Our investment in FinTech underscores the importance of the partnership to the Group and our commitment to growth.”
Frank Niehage, Chief Executive Officer of FinTech, added:
“Our subsidiary XCOM is one of the leading technology providers for banks and financial institutions and XCOM’s subsidiary BIW bank is the outsourcing and white label banking partner of choice for many German banks as well as for many newly established fintech start-ups. Based on our technology expertise and regulatory platform, we will be able to help SafeCharge to jumpstart new business lines by offering their retail and corporate customers European-wide comprehensive banking services opportunities.”
Source: SafeCharge International Group Limited – Strategic partnership and investment
