Finseta plc (LON:FIN), a Forex and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, announces the completion of the sale of 100% of the share capital of Capital Currencies Ltd.
The completion of the deal follows the receipt of regulatory approval from the Financial Conduct Authority. In accordance with the terms of the share purchase agreement, Finseta 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.”
