Mash Group Plc today announced that EUR 25 million of its preferred E-series shares have been subscribed by a group of institutional investors through a directed issue. The investment follows a year of growth for the Fintech 50 Group, leveraging close partnerships with major incumbents in ecommerce and point of sale payments, including Magento, Shopify, Verifone, Nets, Tink and reaching 110% revenue growth and 221% EBIT growth for the year 2018 as well as record revenue for the first quarter of 2019.
An extraordinary general meeting last week authorized the board of directors of Mash Group to issue a new share class, the E-series shares, which were now subscribed by the investors. The subscriptions bring the total additional equity raised from the start of 2018 up to EUR 64 million (IFRS) or 58 million (FAS). According to Tommi Lindfors, Chairman of Mash Group, this is an additional step in the growth story of the Group. "Since early last year we had already secured a lot of equity investments, from both private and institutional investors. This additional subscription shows that we can offer competitive equity investment opportunities for larger institutional investors, enabling us to continue to grow and capture market share in a very auspicious market situation. We continue to work hard every day to earn the trust that our investors have put into us."
Gaëtan Van Wynsberghe, newly appointed Group CEO, says the additional equity will help speed up the growth of the Group considerably. "We expect growth especially through our pay-by-invoice acquisition channels, working with partners and merchants to increase business volume conversion by leveraging our innovative point of sale payment solution through the partner network. It means we will be able to originate consumer credit at low acquisition cost at an accelerated pace, which in turn will require a bigger funding base. The significantly stronger balance sheet of Mash Group helps to get us more and cheaper external funding to fuel the growth, and to grow our business faster."
About Mash
Mash has been at the forefront of fintech innovation since 2007. We leverage our advanced proprietary algorithms, machine learning capabilities, and automated platform to deliver superior finance and payments solutions to thousands of customers every day. We work hard for a future powered by technology, making every transaction seamless, flexible and worry-free. Today, Mash is one of Europe's leading fintech companies.
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For more information please contact:
Jonas Lindholm
Mash Group Plc
Tel +358 10 217 1003
investor@mash.com
press@mash.com
