Augmentum Fintech Plc Portfolio update: Seedrs - Crowdcube merger; and Tide
October 06 2020 - 2:00AM
UK Regulatory
TIDMAUGM
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE EU MARKET ABUSE REGULATION 596/2014.
06 October 2020
Augmentum Fintech plc
Portfolio Update
Seedrs and Crowdcube announce merger plans; Tide awarded GBP25 million grant from
the RBS Alternative Remedies Package
Augmentum Fintech plc (LSE: AUGM) ("Augmentum" or "the Company"), the UK's only
publicly listed fintech investment company, welcomes developments at two
portfolio companies.
Seedrs, the equity crowdfunding platform, has announced plans to merge with
Crowdcube creating one of the world's largest private equity marketplaces. The
merger is subject to approval from, amongst others, the Competition & Markets
Authority (CMA), the Financial Conduct Authority (FCA) and both companies'
shareholders. At year end 31 March 2020, Seedrs represented approximately 1.2%
of the Company's portfolio.
Tide, the SME business banking platform, has been awarded a GBP25 million grant
from the RBS Alternative Remedies Package to strengthen the challenge to high
street banks, in partnership with ClearBank. This is in addition to Tide's
previous GBP60 million Pool A Fund grant in February 2019. At year end 31 March
2020, Tide represented approximately 11.5% of the Company's portfolio.
The Company's near term qualified pipeline currently contains approximately GBP
120 million of opportunities across all target sectors and geographies, which
continues to grow. There remains clear demand for patient capital with a sector
focus and expertise in the fintech market, and the Company expects to issue
further ordinary shares in due course in order to continue the growth in its
portfolio.
Tim Levene CEO of Augmentum Fintech, said: "
Since our IPO in 2018 we have built a balanced portfolio of diversified and
differentiated private fintech companies, who have benefited from the pace of
digital disruption which has further accelerated in recent months under the
shadow of Covid. Our ambition remains to grow the fund to enable us to continue
investing across our portfolio companies, and to exploit our access to some of
Europe's exceptional fintech opportunities in both the UK and the wider
European market".
-END-
For further information, please contact:
Augmentum Fintech
Tim Levene, Portfolio Manager +44 (0)20 3961 5420
Nigel Szembel, Investor Relations +44 (0)7802 362 088 / nigel@augmentum.vc
Peel Hunt
Liz Yong / Luke Simpson +44 (0)20 7418 8900
N+1 Singer
Harry Gooden / James Moat +44 (0)20 7496 3000
About Augmentum Fintech plc:
Augmentum invests in fast growing fintech businesses that are disrupting the
financial services sector. Augmentum is the UK's only publicly listed
investment company focusing on the fintech sector in the UK and wider Europe,
having launched on the main market of the London Stock Exchange in 2018, giving
businesses access to patient capital and support, unrestricted by conventional
fund timelines and giving public markets investors access to a largely
privately held investment sector during its main period of growth
END
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