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Business Reporter

MyBucks SA, a Luxembourg-based FinTech company, that holds the three brands GetBucks, GetSure and GetBanked listed on the Frankfurt Stock Exchange yesterday after a successful Initial Public Offer. MyBucks, through GetBucks is the parent company of recently Zimbabwe Stock Exchange-listed GetBucks Zimbabwe.The offer was fully subscribed. A total of 1 000 000 newly issued shares and an over-allotment of 150 000 shares have been allocated as part of the offering, amounting to a total offer volume of €15,5 million (including over-allotment) based on the issue price of €13,50 per share.

Investment holding company Brainworks holds around 2 percent of the listed entity.

The company has an extensive range of businesses in Africa, after having completed several acquisitions of banks across countries in Africa. The firm has operations currently in nine countries in Africa and two within Europe. The company is valued at around €150 million

Dave van Niekerk, CEO of MyBucks, said: “The IPO was 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.”

With more than 300 employees and 400 sales agents and operations in 11 countries, the MyBucks Group has already disbursed over €140 million in consumer loans, resulting in top-line revenue of over €30 million in business year 2014 /15 (July 2014 through June 2015).

MyBucks’ proprietary credit scoring technology allows the company to distribute its product portfolio through online channels (web and mobile), as well as internet service points thereby enabling cost efficient financial products and services in high-growth emerging markets with the ultimate goal of creating financial inclusion.

MyBuck’s recent acquisition (subject to customary closing conditions, including regulatory approval by each central bank in the countries concerned) of three banks, one saving and loans company and two non-bank financial institutions from Opportunity International, Chicago, will fast track MyBucks’ expansion strategy by adding Ghana, Mozambique and Tanzania, increasing its customer base from 150 000 to more than 1,5 million and growing its assets from €71 million to €145 million.

Most importantly, this acquisition will give MyBucks access to funding in local currencies, significantly reducing FX risks.