GSTechnologies / Angra Limited 2021
GSTechnologies acquired Angra Limited on October 5, 2021.
- Target
- Angra Limited
- Acquirer
- GSTechnologies
- Announced
- October 5, 2021
- Sub-sector
- Payments
Transaction overview
- GSTechnologies announced a conditional agreement to acquire the whole of the issued share capital of Angra Limited on 5 October 2021.
- Angra operates under the AngraFX brand and is an FCA-authorised Authorised Payment Institution (API).
- Angra provides fast, low-cost foreign exchange and payment services internationally.
- The acquisition remained subject to FCA approval for change of control at the time of reporting.
- GSTechnologies trades on the London Stock Exchange under the ticker LON:GST.
- GSTechnologies raised £1.4 million at 1.0p per share in September 2021 and a further £1.0 million at 2.0p per share in November 2021.
- GSTechnologies reported H1 2021 revenue of US$2,261,000, up from US$769,000 in H1 2020.
- The acquirer sought an API licence through Angra to connect to traditional banking payment systems and operate a UK remittance business.
Strategic rationale
Acquire FCA-regulated payment institution to enable fintech expansion into foreign exchange and borderless payment services.
Deal terms & multiples
About GSTechnologies LON:GST
GSTechnologies Ltd (LON:GST) is a fintech and information technology solutions company listed on the London Stock Exchange. Its primary revenue-generating subsidiary is EMS Wiring Systems Pte Ltd, a Singapore-focused IT services business. The company has been building out a blockchain-based financial services division, including a planned borderless neobanking platform, through its GS Fintech subsidiaries in the UK and Singapore. In H1 2021, GSTechnologies reported revenue of US$2,261,000 and a net loss of US$1,094,000.
- Ticker
- LON:GST
Frequently asked questions
What is Angra Limited?
Angra Limited is a UK-based foreign exchange and payment services company operating under the AngraFX brand. It holds FCA authorisation as an Authorised Payment Institution.
Why did GSTechnologies acquire Angra Limited?
GSTechnologies sought Angra's API licence to connect to traditional banking payment systems and operate a remittance business in the UK. The company also intended to use the licence to support its stablecoin network and related applications.
When was the Angra Limited acquisition announced?
GSTechnologies announced the conditional agreement to acquire Angra Limited on 5 October 2021.
Has the Angra Limited acquisition closed?
As of the December 2021 interim results, the acquisition remained conditional on FCA approval for the change of control. No closing date was confirmed in the source.
What does GSTechnologies plan to do with Angra's FCA licence?
GSTechnologies stated it would use the licence to connect to traditional banking payment systems, operate a UK remittance business, and grow revenues from its stablecoin network.
What is GSTechnologies' ticker symbol?
GSTechnologies trades on the London Stock Exchange under the ticker LON:GST.
Sources
- directorstalkinterviews.com /gstechnologies-h1-has-been-one-of-significant-progress-for-the-group/4121039669