SYDNEY: Victor Group Holding (ASX: VIG) announced Thursday it has agreed to acquire a 15% stake in IRich Finance Pty Ltd., an Australian-licensed fintech provider, as part of a strategic expansion of its platform-as-a-service (PaaS) offerings.
The deal, signed May 16, involves issuing 97,834,000 shares to IRich at AUD 0.06 per share, totaling AUD 5.87 million (USD 3.9 million). The transaction is pending shareholder approval under ASX Listing Rule 7.1 and is expected to close within three months of the company’s next general meeting.
IRich Finance specializes in digital wallets, card issuance, e-commerce tools and physical gold trading services. Victor Group emphasized the acquisition would not affect IRich’s operational independence, with no board representation or management changes planned.
“This aligns with our PaaS and SaaS strategy, allowing us to integrate IRich’s technology while maintaining our existing commercial model,” said Brady Wu, CEO of Victor Group.
Completion is subject to due diligence and regulatory approvals.