LONDON, Dec. 1, 2017 /CNW/ - Fineqia International Inc. (the "Company" or "Fineqia") (CSE: FNQ) (OTCPink: FNQQF) (Frankfurt: FNQA) is pleased to announce that it has taken a minority stake in IXL PremFina Limited ("PremFina"), an award-winning premium finance solution empowering insurance brokers in the UK.
Fineqia acquired the PremFina shares from IXL Holdings, a related party of Fineqia, to partly settle a convertible loan owed to the Company. Fineqia consequently joins Japan's Rakuten FinTech Fund, the U.K.'s Draper Esprit Plc, a U.K. affiliate of Silicon Valley Bitcoin investor Tim Draper, Thomvest Ventures Inc, the investment firm of Canada's Peter Thomson, Emery Capital, Rubicon Venture Capital and Talis Capital as PremFina shareholders.
PremFina generates loans from the financing of insurance premiums, making insurance more affordable for customers. The loan agreements can be packaged into debt securities and offered on the Fineqia platform.
"Having a preferred and equity relationship with a debt originator such as PremFina helps us secure a pipeline of ongoing debt securities issuances," said Fineqia's Chairman Martin Graham.
Premium finance is considered high quality debt with U.K. industry loan losses at less than 0.15%. It involves paying the cost of an insurance premium to an insurance company upfront, on behalf on an insured company or person, who then repays the same amount on a monthly instalment basis, along with a finance fee.
PremFina provides funding as well as a Software-as-a-Service to enable premium finance by insurance brokers.
Fineqia's convertible loan amounted to CDN$1,289,023. With $342,825 converted out of the outstanding loan amount, $946,198 remains outstanding from IXL Holdings.
About Fineqia International
Fineqia International is a listed entity in the Canada (CSE: FNQ), US (OTCPink: FNQQF) and Europe (Frankfurt: FNQA). Fineqia International outlines the Company's corporate governance, culture, processes and relations by which the Company and its subsidiaries are controlled, directed and governed. Fineqia International oversees and ensures the overall success, planning and growth of the Company and all of its subsidiaries. For more information visit https://investors.fineqia.com/news
About IXL PremFina Ltd
IXL PremFina Ltd (Malta) is a European premium finance company that promotes financial inclusion by enabling the payment of insurance premiums via instalments. It's UK subsidiary PremFina Ltd supplies insurance brokers with funding lines and also enables broker-funded and branded credit agreements via its software affiliate IXL PremFina Ltd (UK). With PremFina, brokers receive higher profit, greater autonomy and the opportunity to increase the lifetime value of their customers as well as cross-sell and up-sell additional products. IXL PremFina's shareholders include global investors Rakuten Capital, Draper Esprit Plc, Thomvest Ventures, Emery Capital, Rubicon Venture Capital, Talis Capital and the company's founder Bundeep Singh Rangar. For more information, visit www.premfina.com.
Some statements in this release may contain forward-looking information (as defined under applicable Canadian securities laws) ("forward-looking statements"). All statements, other than of historical fact, that address activities, events or developments that Fineqia (the "Company") believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the failure to obtain sufficient financing, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made except as may be required by applicable securities laws. The Company disclaims any intent or obligation to update any forward-looking statement except to the extent required by applicable securities laws.
Fineqia Limited (FRN: 757772) is an appointed representative of Kession Capital Limited (FRN: 582160), which is authorised and regulated by the Financial Conduct Authority in the UK.
SOURCE Fineqia International Inc.