Fineqia International (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) reported the sale of its minority shareholding in IXL PremFina Ltd (“PremFina”). Fineqia invested in PremFina in 2017.
The proceeds from this divestment will be used to make new strategic investments that align with Fineqia’s value proposition, contributing to the company’s growing investment portfolio in fintech, blockchain and cryptocurrency technology companies worldwide. The divestment has been completed in the third quarter of 2021.
PremFina, is UK’s first venture-backed, insurance premium financing company boosting accessibility and flexibility for the sale of insurance premiums, alleviating financial strains on the end-customer. It promotes financial inclusion for the insurance industry.
The divestment sum represents less than 3% of Fineqia’s market capitalisation. Terms of the transaction remain confidential.