Finseta plc (LON:FIN), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, announces the completion of the sale of 100% of the share capital of Capital Currencies Ltd.
The completion of the agreement follows the receipt of regulatory approval from the Financial Conduct Authority. Under the terms of the share purchase agreement, Finseta has now received £150,000 in cash against capital coins.
James Hickman, CEO of Finseta, said:
“We are pleased to complete this transaction which allows us to realize value from the sale of a non-commercial subsidiary that holds excess license to our requirements and is being acquired by a non-competing business. The proceeds from the sale further strengthen our cash position and our ability to capitalize on the excellent momentum we are experiencing across the business.”