supply@me acquires 10% of Fintech Banks owned by an unknown Italian bank group
Supply@Me (LON: Syme), the Fintech platform, which provides “inventory monetization” services to manufacturing and trading companies, confirmed on Tuesday that it had reached an agreement with Italian banking groups.
There are two specific terms and conditions for a contract. First, a commercial agreement to manage both the origins of new client companies and the multi-year inventory financing plans. Second, the execution of the first inventory monetization transaction, including a portfolio of Italian client companies.
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Once the above arrangements are completed, Supply@Me will acquire 10% of the Fintech Bank, owned by the Italian Bank Group. This will avoid the need for regulatory approval and will have the option to acquire an additional 10% of Fintech Bank within the next two years.
The name of the FinTech Bank is valued between 34 million and 50.6 million euros and cannot be disclosed “due to the strategic nature of the transaction.”
Syme CEO Alessandro Zamboni has further commented on the agreement.
“We are pleased to announce this agreement as the basis for our inventory funding strategy. Now we can start building monetization for the first group of Italian client companies. This is the key to Supply@Me It is a very important initiative and is expected to be the basis for a continuous, scalable inventory financing program for client companies starting in Italy, which will bring even more confidence to investors awaiting the news of their first monetization. I believe that,” Zamboni said.
“The contract expects to create additional value for the company given the opportunity to invest directly in fintech banks, where the portfolio grows as supply @me completes further rounds of monetization. The transaction will include: Syme’s position as an innovative fintech business will be strengthened through non-credit transactions aimed at supporting the working capital needs of SMEs and large corporations.”
Supply@Me stock price rose 6.69% to 0.38p on Tuesday.
