LONDON, UK: Finseta plc (AIM: FIN), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, announced the completion of the sale of 100% of the share capital of Capital Currencies Ltd, following the receipt of regulatory approval from the Financial Conduct Authority.
In accordance with the terms of the share purchase agreement, the Company has now received £150,000 in cash in consideration for Capital Currencies.
James Hickman, CEO of Finseta, said: “We are pleased to have completed this transaction that allows us to realise value from the sale of a non-trading subsidiary that holds a licence surplus to our requirements, and which is being acquired by a non-competing business. The proceeds from the sale further strengthen our cash position and our ability to capitalise on the excellent momentum that we have been experiencing across the business.”
Finseta plc (AIM: FIN) is a foreign exchange and payments company offering multi-currency accounts and payment solutions to businesses and individuals. Headquartered in the City of London, Finseta combines a proprietary technology platform with a high level of personalised service to support clients with payments in over 150 countries in 58 currencies. With a track record of over 12 years, Finseta has the expertise, experience and expanding global partner network to be able to execute complex cross-border payments. It is fully regulated, through its wholly-owned subsidiaries, by the Financial Conduct Authority as an Electronic Money Institution and by the Financial Transactions and Reports Analysis Centre of Canada as a Money Services Business.