GETBUCKS controlling shareholder, MyBucks SA, debuted on the Frankfurt Stock Exchange yesterday after raising €15,5 million through an initial public offering (IPO), which was oversubscribed.
BY BUSINESS REPORTER
MyBucks SA has 50,29% shareholding in local microfinance institution, GetBucks, which listed on the Zimbabwe Stock Exchange in January.
A total of one million newly issued shares and an over-allotment of 150 000 shares were allocated at an issue price of €13,50 per share.
Dave van Niekerk, MyBucks CEO, said: “The IPO is an important milestone for our company’s growth, as it will enable us to evolve our current business model in our existing operations, as well as expand into new markets. Our ultimate goal is to drive financial inclusion through digital technology.”
The raising of the €15,5 million will anchor MyBucks operations in European and African countries including Zimbabwe. Competition is stiff in the Zimbabwean microfinance business, with experts projecting that MyBucks unit, GetBucks, would capitalise on its access to cheap lines of credit. As at March 31, there were 163 registered microfinance institutions.
MyBucks is a fintech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks, GetBanked and GetSure, the company offers unsecured consumer loans, banking solutions, as well as insurance products to customers.
