SINGAPORE, Sept. 16, 2020 /PRNewswire/ -- Triterras
Fintech Pte Ltd. ("Triterras Fintech"), a leading fintech
company for commodity trading and trade finance, today announced
that its Kratos™ marketplace facilitated approximately $5 billion of total trade and trade finance
volume in the six months ended August 31,
2020, which represents an additional $2.1 billion of volume from the $2.9 billion of total transaction volume in the
first four months of its fiscal year 2020.
Kratos is one of the world's largest commodity trading and trade
finance platforms that connects and enables commodity traders to
trade and source capital from lenders directly
online. Triterras Fintech monetizes the Kratos platform by
charging fees to its users on both trade and trade finance
volumes.
"We are on track to meet or exceed our initial fiscal year 2020
projections that were released in July
2020," said Triterras Fintech Chairman and CEO Srinivas Koneru. "We enter the second half of
the fiscal year with solid operating momentum, giving us confidence
in our fiscal year 2021 projections."
Koneru added: "We are encouraged by the trajectory of both our
respective trade and trade finance volumes and fees, as traders and
lenders continue to realize significant business benefits from our
Kratos platform. The small and medium sized enterprise (SME) trade
and trade finance market is very large and our platform is designed
to address the $1.5 trillion
estimated annual trade finance shortfall."
On July 29, 2020, Triterras
Fintech signed a definitive agreement to become a public company
through a business combination with Netfin Acquisition Corp.
(Nasdaq: NFIN, NFINW) ("Netfin"). The business combination
has been unanimously approved by the boards of directors of both
Netfin and Triterras Fintech and is estimated to close in late
October 2020 with the combined
company's ordinary shares and warrants to be listed on Nasdaq under
the symbols TRIT and TRITW, subject to regulatory and shareholder
approvals and other customary closing conditions.
About Triterras Fintech
Founded in 2018, Triterras Fintech is a leading fintech company
focused on trade and trade finance. Triterras Fintech developed and
operates Kratos - one of the world's largest commodity trading and
trade finance platforms that connects and enables commodity traders
to trade and source capital from lenders directly online. For more
information, please visit triterras.com.
About Netfin Acquisition Corp.
Netfin Acquisition Corp. is a blank check company incorporated
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses, focused on the financial
technology, technology and financial services industries, including
businesses engaged in commercial, online and mobile banking and
payments, trade finance and telecommunications, that offer a
differentiated technology platform and product suite for
interfacing with the financial services sector For more
information, visit netfinspac.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Netfin's and Triterras
Fintech's actual results may differ from their expectations,
estimates and projections and consequently, you should not rely on
these forward-looking statements as predictions of future events.
Words such as "expect," "estimate," "project," "budget,"
"forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believes," "predicts," "potential," "continue," and
similar expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Netfin's and Triterras Fintech's expectations with
respect to future performance and anticipated financial impacts of
the business combination, the satisfaction of the closing
conditions to the business combination and the timing of the
completion of the business combination. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside Netfin's control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the outcome of any legal
proceedings that may be instituted against Netfin or Triterras
Fintech following the announcement of the business combination; (2)
the inability to complete the business combination, including due
to failure to obtain approval of Netfin's shareholders or other
conditions to closing in the definitive agreement relating to the
business combination (the "Business Combination Agreement"); (3)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the Business Combination
Agreement or could otherwise cause the transactions contemplated
therein to fail to close; (4) the inability to meet Nasdaq's
listing requirements following the business combination; (5) the
impact of COVID-19 on Netfin or Triterras Fintech; (6) the risk
that the business combination disrupts current plans and operations
as a result of the announcement and consummation of the business
combination; (7) the ability to recognize the anticipated benefits
of the business combination, which may be affected by, among other
things, competition and the ability of the combined company to grow
and manage growth profitably and retain its key employees; (8)
costs related to the business combination; (9) changes in
applicable laws or regulations; (10) the possibility that Netfin,
Triterras Fintech or the combined company may be adversely affected
by other economic, business, and/or competitive factors; and (11)
other risks and uncertainties indicated from time to time in the
proxy statement/prospectus relating to the business combination,
including those under "Risk Factors" in the Registration Statement
(as defined below), and in Netfin's other filings with the SEC.
Netfin cautions that the foregoing list of factors is not
exclusive. Netfin cautions readers not to place undue reliance upon
any forward-looking statements, which speak only as of the date
made. Netfin does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
Important Information about the Business Combination and
Where to Find It
In connection with the proposed business combination, Netfin
Holdco, a Cayman Islands exempted
company ("Holdco"), has filed with the SEC a registration statement
on Form F-4 (the "Registration Statement") which includes a proxy
statement/prospectus and certain other related documents, which
will be both the proxy statement to be distributed to Netfin's
shareholders in connection with Netfin's solicitation of proxies
for the vote by Netfin's shareholders with respect to the business
combination and other matters as may be described in the
Registration Statement, as well as the prospectus relating to the
offer and sale of the securities of Triterras Fintech to be issued
in the business combination. Netfin's shareholders and
other interested persons are advised to read the preliminary proxy
statement/prospectus included in the Registration Statement and the
amendments thereto and the definitive proxy statement/prospectus,
as these materials contain important information about the parties
to the Business Combination Agreement, Netfin and the business
combination. After the Registration Statement is declared
effective, the definitive proxy statement/prospectus will be mailed
to Netfin's shareholders as of a record date to be established for
voting on the business combination and other matters as
described in the Registration Statement. Shareholders will also be
able to obtain copies of the proxy statement/prospectus and other
documents filed with the SEC that will be incorporated by reference
in the proxy statement/prospectus, without charge, once available,
at the SEC's web site at www.sec.gov, or by directing a request to:
Netfin Acquisition Corp., 445 Park Avenue, 9th Floor,
New York, NY 10022, Attention:
Gerry Pascale, Chief Financial
Officer, (972) 979-5995.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the business combination. This press release shall
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of section 10 of the Securities
Act.
Participants in the Solicitation
Netfin and its directors and executive officers may be deemed
participants in the solicitation of proxies from Netfin's
shareholders with respect to the business combination. A list of
the names of those directors and executive officers and a
description of their interests in Netfin is contained in Netfin's
Registration Statement on Form S-1, which was filed with the SEC on
July 19, 2019, and is available free
of charge at the SEC's web site at www.sec.gov, or by directing a
request to Netfin Acquisition Corp., 445 Park Avenue, 9th Floor,
New York, NY 10022, Attention:
Gerry Pascale, Chief Financial
Officer, (972) 979-5995. Additional information regarding the
interests of such participants will be contained in the
Registration Statement when available.
Triterras Fintech Contact:
Jim
Groh
(678) 237-7101
Netfin Investor Relations Contact:
Gateway Investor
Relations
Cody Slach and Matt Glover
(949) 574-3860
NFIN@gatewayir.com
Netfin Company Contact:
Marat Rosenberg, Founder &
President
(972) 757-5998
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SOURCE Triterras