"Significant capital operation to support the global growth story"
Banqup Group - one of Europe's leading FinTech companies - has significantly strengthened its equity base by approximately 47 million euro via a share capital increase to predominantly existing shareholders and conversion of a majority of its outstanding convertible bonds in order to further achieve its international growth ambitions.
"A capital round with predominantly existing shareholders has raised 10+ million euro of new financial resources. In addition, there will be a voluntary early conversion of a majority of its outstanding convertible bonds, resulting in an overall increase in equity of approximately 47 million euros. I am particularly pleased that many existing investors are participating in this important capital round as it is a clear vote of confidence." Stefan Yee, Chairman of the Board CEO PE Group).
The additional funds from the capital increase will be used to further strengthen the company‘s position in order to become the leading cloud-based platform for SME business services built on Documents, Identity and Payments and to continue the rapid growth that has been achieved over the recent years.
“Banqup Group has recently achieved several important milestones in its European expansion, including the acquisitions of Fitek in Central and Eastern Europe and Prime Document in the UK, the accelerated development of the eHerkenning authentication and authorisation system in the Netherlands, the launch of the JeFacture in France and the introduction of payment options in the Billtobox platform in various countries.” Hans Leybaert, former CEO.
Banqup Group is targeting further international growth through both organic and external growth opportunities. The additional funds will allow the company to tap into attractive growth potential within the e-invoicing, identity and payment services markets driven by the digital transformation of businesses and other structural tailwinds.
“We want to further strengthen our position as a leading player in the European FinTech sector. As more people are working from home because of the COVID-19 pandemic, more and more SMEs appear to be seeing the benefits of digitalising administrative and financial tasks. This period has acted as a catalyst for digital transformation. The trend toward e-invoicing is also being accelerated as a result of new regulations being introduced by European and national policymakers. More and more governments are already mandating that companies send digital invoices.” Board member Jürgen Ingels (founder of Smartfin Capital).
It is expected that by 2025, 80% of organisations will be required to invoice electronically, either due to legislation or at the request of major trading partners.
(*) Warning about future statements: The statements contained herein may contain forecasts, future expectations, opinions and other future-oriented statements concerning the expected further performance of Banqup Group on the markets in which it is active. Such future-oriented statements are based on the current insights and assumptions of management concerning future events. They naturally include known and unknown risks, uncertainties and other factors, which seem justified at the time that the statements are made, but may possibly turn out to be inaccurate. The actual results, performance or events may differ essentially from the results, performance or events which are expressed or implied in such future-oriented statements. Except where required by the applicable legislation, Banqup Group shall assume no obligation to update, elucidate or improve future-oriented statements in this press release in the light of new information, future events or other elements and shall not be held liable on that account. The reader is warned not to rely unduly on future-oriented statements.
Information correct as of press release publish date 18th July 2020.