Payments services provider SafeCharge International Group Ltd (LON:SCH) SafeCharge has announced that it has sold its minority stake in German based financial services technologies company FinTech Group AG (FRA:FLA).
The sale of the stake, which was originally acquired by SafeCharge in June 2015 for a cost approximately €10 million and represented 5% of FinTech’s equity, will result in the realization of a small profit for SafeCharge. Based on FinTech Group’s current market capitalization of €239 million, SafeCharge’s stake was sold for about €11.9 million, or a profit of about €1.9 million.
SafeCharge had apparently made the investment with the hopes of partnering with FinTech to develop and offer banking services and technologies to retail and corporate customers. However after another deal that SafeCharge struck earlier this year with the Saxo Payments division of Copenhagen-based Saxo Bank, the relationship with FinTech was not of a priority any more to SafeCharge.