Adalan Ventures PLC on Thursday said it reached an agreement for the acquisition of two operating businesses in the financial technology sectors via a reverse takeover.
The Russia-focused fintech company, formerly known as Zaim Credit Systems PLC said the two targeted firms are Singapore-based Topos Network Pte Ltd and Milan-based Re-Lender SpA.
Topos develops and extents a financial technology suite focused on the creation and management of last mile banking networks in frontier markets. Its platform in the last two years had gained 680,000 new clients accounts and forget relationships with 46,000 bank agents. It is principally focused on Sub-Sahara Africa.
‘However, Topos lacks the regulatory permissions to directly access clients in the ’sending side’ of money transaction and this is an important benefit in the proposed combination of the company with Re-Leder and Topos. This is through the relationship with Re-Lender which operates a fintech lending platform in Italy,’ Adalan explained.
Re-Lender started operations in 2020 and integrates its own authorisations and the authorisations of third parties. ‘Re-Lender has rapidly built a successful business ecosystem with 35,000 permanent investors, a track record of €40 million in transactions and has a significant pipeline of potential future opportunities.
‘RE-Lender has been recognised by the Politecnico di Milano crowdfunding report as the lending crowdfunding platform - with a broader focus beyond real estate - in terms of fundraising, emphasising its impactful presence in the industry in Italy,’ Adalan said.
It added: ‘The board of the company has considered a variety of potential opportunities, focused on the Fintech industry with a preference for inclusive projects with good environmental, social & governance credentials and/or created social impact. The board believe the proposed acquisitions meet these goals. With the targets selected having complementarity technologies, which when combined have potential to create significant synergies.’
Adalan Ventures shares have been suspended at the request of the company since Thursday morning.
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