Project Fin Tech

Paul Ellison and Chris Errington of KRE Corporate Recovery Limited anticipate being appointed as Joint Administrators over an established software technology business in August 2024.

The proposed Administrators are seeking bids for the assets and business.

Overview

• Software technology business to payments sector with a particular focus on banking and cards.
• The business provides two services:
  1. A managed BaaS/CaaS service (one-stop-shop for launching a white-label banking or card products incl. financial license and compliance umbrella)
  2. A Fintech Vendor Orchestration platform (middleware) with own Ledger as a Software product for companies with own license or license arrangement
• Based in London, with clients across the UK & EU as well as first clients internationally.
• Significant growth potential as provider of mission critical middleware technology to fintech companies.
• High margin SaaS business with own IP, close to profitability.
• Turnover 2023: £787k; 2024 ytd-June: £575k, 2024 plan £1,265k.

Timeframe

Interested parties should sign an NDA which can be found here and return to Chris Errington. Expressions of interest for the business and assets are required by 5pm on 15 August 2024 with indicative offers to be received by 5pm on 16 August 2024.

If you require any further information, please contact Chris Errington or alternatively call on 07399 510 030.

Introduction

This summary has been prepared in connection with the proposed sale of the business assets and trade of the Company.

Conditions

By accepting this summary the recipient agrees to keep permanently confidential all information that it contains. This summary may only be made available to those members of the recipient’s staff who require to be directly involved in the appraisal of the opportunity and the recipient’s bankers and professional advisors. It should not be made available to any other third party without the prior written approval of KRE Corporate Recovery Limited (“KRE”). Furthermore, no contact should be made with the Company or any of its staff, customers, suppliers or shareholders without the express permission of KRE Corporate Recovery Limited.

The information in this summary, which does not purport to be comprehensive, has been completed from information provided to KRE Corporate Recovery Limited by the Company and has not been independently verified by KRE Corporate Recovery Limited. Intending purchasers should not rely on the information contained in this summary, and must satisfy themselves as to the accuracy of all such information. KRE Corporate Recovery Limited has been appointed by and is acting for the shareholders of the Company and, with the exception of any duties or liability which it may have under the Financial Services and Markets Act 2000, will not be responsible to any third party for the information contained in this memorandum.

No person, either as a Director of or in the employment of KRE Corporate Recovery Limited, has any authority to make, imply, or give any representation warranty or indemnity whatsoever in relation to this proposed sale including the information contained in this summary. No responsibility or liability is or will be accepted by the Company or KRE Corporate Recovery Limited or by any of their respective officers, employees or agents in relation to any inaccuracy or incompleteness of this summary and any liability is hereby expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation, warranty or assurance is given as to the achievement or reasonableness of any future projections, management projections, management estimates or prospects contained in this summary.

The distribution of this document may be restricted by law in certain jurisdictions and as such, recipients of this document represent that they are able to receive this document without contravening any unfulfilled registration requirements or are bound by other legal requirements or restrictions in the jurisdictions in which they reside or conduct business.

This document is exempt from the restriction on financial promotions contained in the Financial Services and Markets Act 2000. In particular, this Opportunity Summary is only being distributed in the United Kingdom to: a) persons who are investment professionals falling within article 19(1) of the Financial and Markets Act 2000 (Financial Promotion) Order 2005 in the United Kingdom (the “order”); (b) high net worth individuals (who meet the criteria for such classification contained in article 48(2) of the Order, or companies or other bodies who are reasonably believed to fall within articles 48(2) and 49(2) respectively of the Order; or (c) other persons whom it may be otherwise lawfully communicated to (whether pursuant to the Order or otherwise).
KRE Corporate Recovery Limited will only engage with individuals or organisations who fall within the above description in connection with anything relating to this document and the information contained within.
Any individual or organisation that does not fall within the categories of the above description should not under any circumstance rely or act upon this document or any information within this document. In the event, that an interested party is in any doubt about their classification in terms of the description above or about a proposed investment or acquisition. Such parties must consult with an “authorised person” for the purposes of FSMA.

This summary has been sent to prospective purchasers for information purposes only and upon the express understanding that it does not form the basis of a contract.