LONDON: Investment Evolution Credit (AQSE: IEC), a global fintech group specializing in online consumer loans, announced today that it has made an offer to acquire the entire issued share capital of Credit Canary Ltd, a UK-based private limited company specializing in AI and software development for consumer credit services.
The proposed acquisition is valued at approximately £4 million and is subject to due diligence, regulatory approvals, and the signing of a binding share purchase agreement.
Under the terms of the acquisition, IEC plans to acquire 100% of Credit Canary’s shares by issuing 32,000,000 new ordinary shares of £0.005 each at a price of 12.5p per share. This move signals the beginning of IEC’s mergers and acquisitions strategy in the consumer finance sector.
Credit Canary, founded in 2022, leverages advanced technology, multi-source data, and artificial intelligence to enhance consumer credit lending processes. Upon completion, the acquisition will allow IEC to adopt Credit Canary’s AI-driven services and expand its offerings into global markets, including the US, Europe, Philippines, and Africa.
Richard Leaver, CEO of IEC, stated, “IEC’s offer to acquire Credit Canary presents a highly favorable outcome for both companies and aligns with our strategy to incorporate AI in consumer lending. The valuable synergies from this acquisition could significantly advance IEC’s plans in 2025.”
IEC is known for its AI-driven consumer finance innovations and operates under the brand Mr. Amazing Loans in the US. The company plans to expand its lending model to the UK market in 2025, providing online personal loans ranging from £2,000 to £10,000 with fixed affordable repayments. IEC also aims to expand its AI consumer credit services globally through strategic acquisitions like Credit Canary.
Credit Canary has gained recognition in the fintech sector for its AI-driven credit risk assessment and customer engagement solutions. The company helps lenders manage borrowers by integrating real-time data from various sources and leveraging predictive analytics and automation.