$FTEC.V DD Report - Profitable Crypto Banking CompanyFintech Select Ltd. Due Diligence Report
Tickers: TSXV: FTEC | OTC: SLXXF
Price: $0.035 CAD | $0.0226 USD
Common Shares: 80,049,515
Options: 2,160,000
Management Holdings: 16.2% - As per last information circular (December 2022)
Company Website:
https://www.fintechselect.com/ About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive prepaid card programs and e-wallet payment solutions. Fintech Select has enabled these core assets, which operate through separate divisions to work together harmoniously, to create a new and ubiquitous environment for consumers and businesses alike.
Fintech Select also operates an international call centre that provides fulfilment and customer service support to customers across all the company's platforms. The company's mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.
H1 2023 Revenue: $2,416,185 (2022 - $1,372,485)
Net Income: $721,867
5 Year Performance | Year | Assets | Liabilities | Asset/Debt Ratio |
| 2018 | $709,949 | $4,239,907 | 0.167 |
| 2019 | $1,187,990 | $4,616,838 | 0.257 |
| 2020 | $1,262,647 | $4,082,978 | 0.309 |
| 2021 | $1,223,070 | $3,906,723 | 0.313 |
| 2022 | $483,032 | $1,892,512 | 0.255 |
| 2023(Q1-Q2) | $622,677 | $1,310,290 | 0.475 |
(Q3 2023 expected end of November)
September 2023 article pertaining to Fintech Select -
https://themarketherald.ca/a-small-cap-fintech-company-is-gearing-up-for-global-domination-2023-09-25/ Additional company information Intangibles – short term represents bitcoins held for sale. As of June 30, 2023, the Company has 5 bitcoins (December 31, 2022: 5 bitcoins). Cryptocurrency was revalued quarterly based on open market quoted price.
Corporate Overview
Fintech Select Ltd. TSX-V: FTEC (corporate website: www.fintechselect.com) is a leader in financial payment services and is a provider of robust and disruptive payment solutions, including prepaid card programs, Crypto-currency POS, and e-wallet and online payment. The company’s mission is to enable those core assets to work together in a harmoniously aligned environment to create a new landscape for consumers and businesses alike. Fintech Select also operates a 24/7/365 multi-lingual call center that provides customer service support to third party customers in Canada and USA and to the Company’s customers across the platforms mentioned.
Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate financial transactions, and to excel in our provided services at the call center.
Throughout 2022 and 2023, Fintech Select has been focusing on many initiatives, including e-wallets, the cryptocurrency platform, and the call center reporting system. The Company has completed rebuilding the Crypto-currency POS platform based on the latest POS software technology, specifically using Android POS instead of the old Verifone VX POS terminal and is searching for reputable exchanges to back up the exchange transactions. Management has been considering the possibility of merging the functionalities of the e-wallet and POS cryptocurrency platforms into one platform, since they share a number of similarities. The possibility of heading in this direction makes the IT development team increasingly confident about the new-developed platform. The company has registered as a Canadian Money Service Business (MSB) with FINTRAC.
Additionally, adding more features and automated reports to its customer service platform to facilitate the reporting section for its customer care business and clients has been an on-going process so the Company’s revenue and profit can be increased. The Company has been working towards a clean balance sheet by eliminating the debts it has. The Company will also be exploring partnerships with other companies and service providers to expand its products and services on a consumer and global level.
During the past few years, the Company has developed a Prepaid closed-loop card solution to its Libyan partner, Raseed, that can be used by Raseed’s Libyan clients and regional banks. The Solution allows banks and other clients to load funds on their cards which can then be used within the POS closed network.
Year to date Revenues as of June 30, 2023 were $2,416,185 compared to $1,372,485 for the same period ending June 30, 2022. Year to date gross profit (Operating Revenue less cost of goods and services purchased) as of June 30, 2023 was $2,294,375 compared to $1,274,115 in the same period ending June 30, 2022.