Monaker Group Enters into Agreement to Acquire Majority Stake in Digital Bank with Plans to Expand Longroot’s Initial Coin Offering Portal with Fintech Solutions
SUNRISE, FL, April 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Monaker Group, Inc. (NASDAQ: MKGI) (“Monaker” or the “Company”), a technology solutions company, today announced it has signed an
agreement to purchase approximately 57.6% of the common voting shares of International Financial Enterprise Bank, Inc. (“IFEB”), a Puerto Rico corporation licensed as an Act 273-2012 international financial entity, headquartered in San Juan, Puerto Rico.
The closing of the purchase is subject to approval, review and acceptance of Monaker by the Commissioner of Financial Institutions of Puerto Rico (“OCIF”) – the regulator for IFEB.
Monaker paid US$6,400,000 in cash for the acquisition of the majority stake in IFEB.
IFEB’s current bank services include Concierge Banking, Mobile Banking, Deposit and Loan products and Escrow. The core banking system which IFEB uses, Jack Henry “Silverlake,” currently services approximately one-third of all U.S. banks and is considered to be one of the top electronic banking solutions in the world. IFEB’s online and mobile banking services give customers the convenience and ease to access their accounts anytime, anywhere in the world. This approach combines the safety and soundness of a traditional bank, with the technology, client-focus and relevancy of a modern financial services company. The IFEB team has designed and built its platform with advanced technology that seamlessly integrates supporting core infrastructure and digital interfaces. Additionally, IFEB has partnered with industry leaders in banking software to deliver a premium experience with outstanding service and security. IFEB Mobile is available for download in the Apple App Store and Google Play.
As previously announced, Monaker has acquired an indirect controlling stake in the entity which owns the Longroot initial coin offering (ICO) portal in Thailand. Longroot provides certain financial services and digital asset capabilities by creating cryptocurrencies regulated by the Securities and Exchange Commission of Thailand.
Commenting on Monaker’s entry into the agreement to purchase control of IFEB, Monaker Group Vice-Chairman and CEO Bill Kerby said, “The acquisition of IFEB will be a significant step for Monaker, as we undertake plans to expand Longroot’s capabilities from its current one-dimensional Initial Coin Offering portal to potentially include access to cryptocurrency exchanges, Digital Wallet applications, payment and banking capabilities -- thus creating a more diversified Fintech Solutions company. Additionally, we believe that IFEB will support our existing businesses by providing access to merchant services solutions for our gaming, in-game advertising and travel verticals. Monaker’s acquisition of a majority stake in IFEB will be a key step to achieve this expansion.”
Monaker Group Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de