Fintech firm GSTechnologies Restricted (LON:GST) has entered into an choice to buy settlement to amass 60% of the share capital of EasySend Ltd, a Northern Eire included firm working a cross-border funds enterprise.
EasySend is a Monetary Conduct Authority (FCA) authorized Authorised Fee Establishment, conducting cross-border fee companies.
EasySend has a present estimated yearly transaction quantity of roughly €120 million, with 35% coming from roughly 40,000 particular person prospects and 65% from roughly 350 lively company prospects.
GST believes the acquisition of a majority stake in EasySend would help with rising the shopper base for the Firm’s present GS Cash actions, particularly Angra World, and supply entry to further know-how, together with EasySend’s cell terminal know-how.
It’s meant that EasySend’s founder and administration crew will stay with the enterprise and that the 40% minority holding will likely be retained by EasySend’s founder.
Completion of the Acquisition is conditional, inter alia, on closing due diligence, the coming into into of definitive sale and buy documentation and in addition on GST acquiring approval from the FCA for the change of management of EasySend, a regulated entity.
Tone Goh, Chairman of GST, Chairman of GST, commented:
“We’re very happy to have reached an settlement with EasySend to amass a majority stake within the enterprise. Topic to the completion of our remaining due diligence, and the receipt of FCA approval, this acquisition will present further prospects and know-how to help with the expansion of our Angra World enterprise. We proceed to quickly progress the function out of our GS Cash choices and I sit up for offering additional updates sooner or later.”