FELLOW BANK PLC RELEASE ON STOCK EXCHANGE 4.7.2022 To 3:00 PM EST
Fellow Bank Plc (“Fellow Bank“) has today, the July 4, 2022agreed to acquire all of the share capital of Mobify Invoices Oy (“Mobify”) of the current shareholders of Mobify.
Mobify is a Finnish company that offers an easy-to-use mobile app for comprehensive financial management. With the help of the Mobify app, consumers can easily manage and monitor their own finances and centralize bill payments and more on a single mobile platform. More than 42,000 consumers have registered on the platform and bills of around two million euros are paid through it each month. Features of the Mobify app will be gradually integrated into bank mate digital service offering. All Mobify staff will be transferred to Fellow Bank group, which will further accelerate the development of bank mate digital services.
Teemu NyholmCEO of Fellow Bank Plc: “The functionalities of the Mobify application and the expertise of the teams in the development of mobile services give Fellow Bank even better capabilities to build a customer-centric digital bank in line with our vision. We worked closely together even before this merger, and I know that our operating methods and our corporate culture go well together.”
“The entire Mobify team is thrilled that we can continue to develop digital services as part of Fellow Bank. Both parties have valuable and complementary expertise, and together we can agilely create new, innovative digital banking services for Finns,” says Niklas ElomaaCEO of Mobify Invoices Oy.
The purchase price for Mobify shares is paid partly in cash and partly in new shares of Fellow Bank. bank mate Board of Directors has today, the July 4, 2022decided on a capital increase intended for the sellers on the basis of the authorization given to the board of directors by the general meeting of the March 9, 2022. Fellow Bank will issue a total of 1,175,088 new shares in partial payment of the purchase price. The number of new shares corresponds to approximately 1.33% of all shares of Fellow Bank after the registration of the new shares. After the registration of the new shares, the total number of shares of the company will be 88,332,182. The subscription price per share is EUR 0.4255corresponding to the closing price of bank mate Share on July 1, 2022. The subscription price will be recorded in the reserve of invested equity. The new shares (ISIN code FI4000170915) will be registered in the commercial register maintained by the Finnish Patent and Registration Office on or about July 6, 2022. Trading in the new shares is expected to begin on the official list of Nasdaq Helsinki Oy on or about July 7, 2022.
Further information :
Teemu NyholmCEO, Fellow Bank Plc, [email protected], tel. +358 50 577 1028
Fellow Bank in short
Fellow Bank Plc is a new Finnish digital bank that helps individuals and businesses manage their day-to-day finances in an easy and flexible way. For savers, we offer an attractive interest rate on deposits. Fellow Bank Plc is regulated by the Financial Supervisory Authority of Finland and listed on the Nasdaq Helsinki Master List (FELLOW). www.fellowbank.com
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