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Canadian FinTech to Buy B2B eMarketplace

Stockhouse Editorial
7 Comments| March 3, 2022

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A fintech company that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format announced this week that it had entered into an agreement in principle with a Latin American digital marketplace to acquire all of its white-label marketplace and e-commerce business.

Mobi724 Global Solutions Inc. (TSX-V: MOS, Forum) has entered into a $4 million (USD) agreement with Avenida Inc. to buy Avenida+, a white label market and eCommerce business, with potential additional payments of up to a further $6 million (USD).

Based in Buenos Aires, Argentina, where it serves business-to-business (B2B) clients across Latin America, Avenida+ has several relationships with banks and has a current card base of around 24 million payment cards.

CEO of Mobi724, Marcel Vinneau said in the release that his company will leverage Avenida+’s existing relationships with more than 4,500 merchants and with banks having a current card base of approximately 24 million payment cards to enable the team to monetize our AI-powered portfolio of solutions, such as cash back and pay with points.

“As a team, we aim to offer the most innovative portfolio of solutions to our Latam target market of approximately one billion payment cards.”

It is predicted that this move will accelerate Mobi724’s expansion into Latin America with an enhanced geographic presence, additional products and services, new revenue streams and numerous cross-selling opportunities.

In fiscal 2023, Mobi724 expects to be Earnings Before Interest, Taxes, Depreciation, and Amortization positive and to generate consolidated revenues of between $18 million (USD) to $24 million (USD).

CEO Vienneau and Mobi724’s CFO Mathieu Laurin will co-host a webinar on March 3 at 10:00 AM EST to discuss the transaction. Click here to find out more.


FULL DISLCOSURE: Mobi724 Global Solutions Inc. is a client of Stockhouse Publishing.


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