16.08.2018
FinLab AG DE0001218063
DGAP-News: FinLab AG: FinLab portfolio company Deposit Solutions closes USD 100 million financing round, achieving a company value of USD 500 million
DGAP-News: FinLab AG / Key word(s): Miscellaneous
FinLab AG: FinLab portfolio company Deposit Solutions closes USD 100 million
financing round, achieving a company value of USD 500 million
16.08.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
FinLab portfolio company Deposit Solutions closes USD 100 million financing
round, achieving a company value of USD 500 million
Transaction spearheaded by growth investor Vitruvian Partners together with
Kinnevik as co-investor
Partial exit by FinLab amounting to USD 11.5 million results in a
double-figure earnings contribution for 2018 for FinLab
FinLab continues to hold 7,7% of Deposit Solutions
Frankfurt am Main, 16. August 2018 - Today, Hamburg-based Fintech company
Deposit Solutions GmbH, a portfolio company of Frankfurt-based, stock market
listed FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR), announced the
successful conclusion of a financing round amounting to USD 100 million.
With this new round of financing, the company value reaches USD 500 million,
making Deposit Solutions one of the most valuable Fintech companies in
Europe.
Since FinLab's first investment in September 2015, the valuation of Deposit
Solutions has therefore increased almost twenty times over.
The transaction was headed by the private equity firm Vitruvian Partners,
with Kinnevik as co-investor. In addition to FinLab, Peter Thiel, co-founder
of PayPal and an initial investor in Facebook, Christian Angermayer's
Apeiron Investment Group, e.ventures, Greycroft and Stefan Wiskemann hold an
interest in Deposit Solutions.
As part of the transaction, FinLab sold a part of its stake in Deposit
Solutions amounting to USD 11.5 million, thereby realizing an earnings
contribution in a double-figure million USD range. This realization and the
statement of profits will be reflected in the annual financial statement for
2018.
Following the conclusion of the financing round and the partial exit, FinLab
holds a 7.7% stake in Deposit Solutions and therefore remains a significant
shareholder, which is conveyed in the form of a position on the advisory
committee of Deposit Solutions. The NAV of FinLab hence is significantly
increasing with this transaction.
"We are more than proud that Deposit Solutions, together with its founder,
Dr. Tim Sievers, has received yet another vote of confidence from such
well-recognized new investors as Vitruvian and Kinnevik," said Juan
Rodriguez, a member of the management board at FinLab. "The company's
development is impressive: it has successfully scaled its B2B core business,
amongst others with renowned partners such as Deutsche Bank or Fidelity's
FFB. Additionally, its B2C channels under the brands "ZINSPILOT" and
"SAVEDO" continue to grow exponentially and rank among the most successful
B2C fintech offerings globally, having added over 155,000 customers and
transmitted deposits of more than EUR 9 billion. All of these indicate
impressive performance also for the years to come."
FinLab board member Stefan Schuetze adds: "The cash exit of USD 11.5 million
as well as the re-valuation of our remaining stake will drive FinLab's
NAV-performance and EBIT as well as earnings per share in 2018 and most
likely will make 2018 the most successful year in the history of FinLab. The
rest of the FinLab portfolio is also performing very well, and we expect
further positive news for the rest of the year."
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 /
ticker symbol: A7A.GR) is one of the first and largest company builders and
investors focused on the Financial Services Technologies ("FinTech") sector
in Europe. FinLab focuses on developing German FinTech startups and
providing venture capital for their financial needs, whereby in each case
the aim is a long-term participation and ongoing support of the investment.
FinLab also invests globally, as part of venture rounds, in FinTech
companies, primarily in the USA and Asia.
Press contact:
FinLab AG
[email protected]
www.finlab.de
Phone: +49 69 719 12 80 147
About Deposit Solutions GmbH:
Deposit Solutions is a globally recognized FinTech company and the Open
Banking platform for deposits. Its proprietary Open Banking technology
provides an infrastructure for the global USD 50 trillion deposit market
that benefits banks and savers alike. Deposit Solutions is already
connecting more than 70 banks from 16 countries and additionally operates
proprietary B2C Points of Sales (ZINSPILOT and SAVEDO) that market select
deposit offers of its partners directly to savers. Founded in 2011 by Tim
Sievers, the company is headquartered in Hamburg, has additional offices in
London, Zurich and Berlin and employs a team of 250. Deposit Solutions is
backed by leading tech investors such as e.ventures, Vitruvian Partners,
Greycroft, FinLab, Kinnevik, Peter Thiel, Top Tier Capital Partners, Apeiron
Investment Group and Angel Investor Stefan Wiskemann.
Press contacts:
Tom Climie
CNC Communications
[email protected]
+44 203 7551 647
---------------------------------------------------------------------------
16.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: FinLab AG
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 (0)69 719 12 80 - 0
Fax: +49 (0)69 719 12 80 - 011
E-mail: [email protected]
Internet: www.finlab.de
ISIN: DE0001218063
WKN: 121806
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Frankfurt (Scale), Stuttgart, Tradegate Exchange
End of News DGAP News Service
---------------------------------------------------------------------------
714649 16.08.2018
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
FinLab AG ISIN: DE0001218063 können Sie bei EQS abrufen
Beteiligungen , 121806 , A7A , XETR:A7A