Financial technology company MyBucks starts trading today on the Frankfurt Stock Exchange
MyBucks – the first African focused Fintech company listed in Germany – starts trading today on the Frankfurt Stock Exchange
- MyBucks S.A. successfully raised EUR 15.5m in its IPO
- First trading day of shares at Frankfurt Entry Standard today
Luxembourg-based financial technology (Fintech) company MyBucks S.A., which holds three brands GetBucks, GetSure and GetBanked and provides financial products and services to the low and middle-income consumer segment, predominantly in emerging markets of SubSaharan Africa, has successfully raised EUR 15.5 million in an IPO with Hauck & Aufhäuser Privatbankiers KGaA as Sole Global Coordinator and Sole Bookrunner. The shares start trading today, the 23rd of June, at Frankfurt Entry Standard (ISIN: LU1404975507, Bloomberg: MBC.GY).
With more than 300 employees and 400 sales agents, with operations in 11 countries, the MyBucks Group has already disbursed over EUR 140 million in consumer loans, resulting in a top-line revenue of over EUR 30 million in business year 2014/15 (starting July 2014 and ending June 2015).
Its state-of-the art, proprietary credit scoring technology allows MyBucks to distribute its product portfolio through online channels (web and mobile), as well as internet service 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 (subject to customary closing conditions, including regulatory approval by each central bank in the countries 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 Ghana, Mozambique and Tanzania, increasing its customer base from 150,000 to more than 1.5 million and growing its assets from EUR 71 million to EUR 145 million. Most importantly, this acquisition will give MyBucks access to funding in local currencies, significantly reducing FX risks.
Commenting on the listing, Dave van Niekerk, CEO of MyBucks said: “The IPO is important for the company’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 inclusion through digital technology.”
Source: MyBucks
