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SPENN Technology A/S sells subsidiary CPH Crypto A/S in a NOK 50 million deal and enters a strategic cooperation with JengaX for future mobile crypto exchange and trading services

SPENN Technology has today announced that it has sold its 100 per cent owned subsidiary CPH Crypto to JengaX AS for NOK 50 million. The transaction, to be formally closed on 15 December 2021, includes competences, solutions, IT systems, technology and is registered under the EU AMLD 5 directive.

Strategic partnership on future crypto services and commercial business opportunities
SPENN and JengaX have agreed to establish a strategic partnership to explore common business opportunities to develop and distribute key services and products within the significantly growing crypto exchange and trading market.

JengaX will deliver a crypto trading solution to be integrated into SPENN’s mobile banking and money transaction app in its key markets in Africa – Tanzania, Zambia, and Rwanda.

The solution provides instant conversion between crypto and fiat (national currencies), which allows for cryptos to be fully integrated in everyday financial life.

The partnership between SPENN and JengaX will ensure an even stronger position for SPENN in its current markets in Africa, offering mobile crypto services and verification of identity (Know Your Customer, KYC) as an end-to-end solution. This will both shape the competitiveness of the company and also represent a vast commercial potential going forward. The importance of being able to conduct a best of breed quality KYC process, based on superior technology and experience within identity verification, is expected to meet the needs in Africa and beyond.

Jens Glaso, CEO of SPENN says: “SPENN management and the whole operational team is looking forward to working with JengaX on these crucial projects and exiting new opportunities.”

JengaX – a new crypto development company
JengaX is established by two leading Norwegian-based crypto currency and blockchain companies: Lead investor Sunzis AS and its CEO Morten Klein, and SPENN Technology A/S and its CEO Jens Glaso.

“No other continent has more holders of crypto currency than Africa. We are entering an exciting and growing market,” says Morten Klein, CEO of SunZis.

Morten Klein and Sunzis AS – major shareholder with a 29 per cent stake
Klein is a high-profile investor who, according to Kapital, is worth around NOK 2.25 billion. This makes him Norway’s 184th richest person. Through the company Klein Group, he invests in, among other things, real estate and shares. Kleins core business is the Swedish gaming company Cherry, and the companies River Tech and Arcane Crypto. Klein also invests in the crypto market through his company SunZis AS, which is part of the Klein Group.

“Instant access to 1 million users, agreements with several banks and local presence through 200 employees in three established markets – that is a great start for any new company! We had to seize the opportunity,” says Klein.

SPENN Technology, JengaX cooperation and 2022 listing
According to a recent Chainalysis report, Africa has seen a 1200 per cent increase in crypto adoption in the last year, making the continent the fastest growing region for crypto in the world.

JengaX will build on technology and KYC solutions delivered by SPENN Technology’s subsidiary Blockbonds AS. A part of Blockbonds AS will be demerged into JengaX in a transaction based on a valuation of JengaX set at approximately NOK 400 million post-merger.

Jide Okoroafor has been appointed CEO of JengaX.

“We will be moving forward with a listing process for JengaX. We expect the company to be listed at OTC in Oslo during the first half of 2022,” says Okoroafor, CEO of JengaX.

As part of the transaction, JengaX is given instant access to all current and future SPENN mobile app users. Today, this includes more than 1 million users in Tanzania, Zambia, and Rwanda.

JengaX will enter a strategic partnership with Kraken, a cryptocurrency exchange with a USD 40 billion monthly volume. The partnership provides JengaX with a fast-track to becoming operational by building its crypto exchange to deliver custodial services upon Kraken solutions.

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50

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How SPENN is banking the unbanked – partnering with Mastercard

View the PDF version of this interview
Download the Lighthouse Research Report Fall 2021 Program Summary and Insights

Who would have thought that what started as a casual conversation between SPENN and Mastercard in Norway a couple of years ago would lead to a solid partnership? A key enabler for this was the Lighthouse MASSIV program, which SPENN joined (and then won) in Spring 2021. The Lighthouse team caught up with Mitchell De Young, Chief Product Officer of SPENN, and Mats Taraldsson, Head of Innovation Fintech and Impact-tech Engagements at Mastercard Nordics & Baltics, to talk about SPENN’s solution, the partnership with Mastercard and how participation in Lighthouse accelerated their success.

First, a short introduction to SPENN
Founded in 2014, SPENN has a vision of empowering people, “our mission is to give everyone equal financial opportunity” Mitchell tells us. The SPENN solution is accessed through a mobile phone app and combines chat, real-time payments, and bank accounts to enable users to manage their money, payments, and investments at zero cost. “SPENN is a wallet provider, leveraging blockchain technology to make things work frictionlessly; our solution also solves KYC and AML requirements for bank accounts,” Mitchell explains. “We want to create an ecosystem and therefore have one foot in the “traditional” world as well as one in fintech. We believe this is the best approach as we aim to bank the unbanked, which requires contact and partnering with local banks to ensure we are doing things correctly.” The approach is successful – the SPENN team has already grown to 160 full-time employees, over a million customers, and has enabled more than three million transactions. All of this while expanding to new countries, of which several are in Africa.

The founding story of SPENN – Mastercard partnership in Lighthouse
Although it took a couple of years to enter an actual partnership, the realization that the two companies could be a perfect fit was there from the beginning. “We were attracted to Mastercard from the beginning when meeting in Oslo. We share the vision of banking one billion people and we were both open to reach that target through innovative set ups”, Mitchell says. Mats agrees and adds “it was love at first sight; the MASSIV program has further acted as a perfect platform for us to elaborate on how to work together”. The opportunities for a collaboration soon crystalized, and the key was Mastercard’s wide global presence. “I could see the potential to use our network to help SPENN reach new markets, and we then managed to bring together six country managers of Mastercard in Africa for a conversation on how we could work together with SPENN,” Mats says. The conversations bore fruit and the collaboration started in Zambia. “We needed a sponsor bank that had a licensing agreement with Mastercard to operate in the country; it only took 1.5 months to get this in place”, Mitchell tells us. He has confirmed that development of a virtual card powered by Mastercard is already underway.

The Lighthouse participation also opened new doors for SPENN
Since the Lighthouse MASSIV program functioned as a bridge between the initial conversations and an actual partnership, we were curious to learn what other benefits came from SPENN’s participation. Mitchell says that he has many clear examples of the benefit of having close contact with Mastercard. Firstly, coaching from the advisors of the Lighthouse program prompted a big shift in how SPENN thought about their own solution. One consideration they had before Lighthouse was how to balance the vision of helping the unbanked, while at the same time becoming a profit-making company. “The coaching we got from the advisors helped us to realize that we could do both. The product could stand on its own and be both a young hip urban banking app while simultaneously banking the unbanked. People don’t want to think about themselves as a group in need of support, they just want to be banked and our solution enables this”, he says. The participation in Lighthouse further gave SPENN the opportunity to pitch to the Bill and Melinda Gates Foundation, with whom they launched a digital vaccine credential delivered in an app called SPENN: Health. “We talked about a health pass product utilizing the security within the SPENN product. Now it is possible for the users to declare their vaccine status when paying for a show ticket for example.”

The robust partnership with Mastercard is built on trust
As SPENN is now continuing to grow, they are not only looking at additional countries in Africa but also expanding their view to countries outside of Africa, such as in Asia. Mats expects that as the company grows, it will be natural for him and Mastercard to continue to be involved, “I want to see a continued expansion of SPENN in Africa, in addition to a re-launch into the Philippines and more countries in Asia. Here, we would like to expand and deepen the collaboration even further; maybe we can develop more solutions together” Mats suggests. Mitchell further adds “I agree, for me, we deserve each other. We have put a lot of effort into cultivating this partnership and will not give it up. Going forward, when we enter a new country, we will offer the SPENN wallet with the Mastercard solution on top. Our solution will enable people to continue to pay with their local currencies but make international transactions with cryptocurrencies between countries. This is a reality thanks to our partnership.”

Finally, do you have any advice for future Lighthouse participants?
SPENN:
• Choose one or two mentors and stick with them all the way through.
• Have achievable goals that can be accomplished within the timeframe of the program, otherwise you cannot show that you have successfully reached your targets. We focused on the user numbers and managed to onboard 80,000 new customers during the program.
• Do not be afraid to pivot.

Mats:
• Commitment to the program and delivering on that commitment.
• It is what you make of it – you will be successful if you are active in making use of the resources of the program.

 

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Trading of SPENN Technology resumes on Nasdaq today

Trading of SPENN Technology resumes on Nasdaq today.

Watch Jens Glaso, CEO of SPENN Technology

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SPENN Technology A/S Company Description approved

Nasdaq First North Growth Market has approved the SPENN Technology A/S Company Description.

Company Description – SPENN

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I&M Bank Rwanda: SPENN has been a great partnership

 

CEO of I&M Bank Rwanda, Robin Bairstow, talked about SPENN on CNBC Africa this week, explaining the strong growth of I&M Bank Rwanda. Three years ago, the bank had only 45,000 customers. Today, the number is eight times higher.

“SPENN has been a great partnership. The product has now generated 320,000 customers,” said Bairstow.

In the first half of 2021, I&M Bank Rwanda recorded 36 million transactions digitally over SPENN. And more than 20 per cent of the bank’s balance came from the SPENN savings product.

Asked if SPENN could be ‘the cash cow moving forward’, Bairstow answered: “I certainly believe it.”

Indeed; a great partnership! Thank you so much Robin!

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NPinvestor.com A/S: NPinvestor.com’s short name NPINV changes to SPENN

Company Announcement 51/2021

13. April 2021

CVR nr. 26518199

NPinvestor.com’s short name NPINV changes to SPENN

As reported in the company announcement on 29 March 2021 and the company announcement on 26 March 2021, NPinvestor.com A/S changes its name to SPENN Technology A/S. The new name and short name (ticker) NPINV on Nasdaq First North Growth Market Denmark change to the new company name SPENN Technology A/S and short name (ticker) SPENN, with effect on 14 April 2021.

Specifications:

ISIN: DK0060827269

New name: SPENN Technology

New short name: SPENN

Unchanged orderbook ID: 145941

The new name was approved by the General Meeting on 26 March 2021 and reflects a transaction with the Norwegian fintech and blockchain company Blockbonds AS. Blockbonds AS operates digital banking and payment services in Africa and Asia offered through the mobile banking application SPENN. Blockbond’s rapidly growing solutions currently have more than 800,000 users and are managed by a staff of 140 employees across four operational markets – The Philippines, Tanzania, Rwanda and Zambia.

 

For further Information, please contact:

Jan Andersen, CEO of SPENN Technology A/S, phone +45 8830 0008, e-mail: [email protected]

Jens B. Glasø, CEO of Blockbonds AS, phone +47 40 40 47 50, e-mail: [email protected]

Certified Advisor: Västra Hamnen Corporate Finance AB, phone. + 46 40 200 250, e-mail: [email protected]

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
[email protected]
www.npinvestor.com

Contacts

  • Jan F. Andersen, 8830 0008
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NPinvestor.com A/S: NPinvestor changes its name to SPENN Technology

Company Announcement 50/2021
29. March 2021
CVR nr. 26518199

NPinvestor A/S changes its name to SPENN Technology A/S. The new name was approved by the General Meeting on 26 March and reflects a transaction with the Norwegian fintech and blockchain company Blockbonds.

Blockbonds operates digital banking and payment services in Africa and Asia offered through the mobile banking application SPENN. Blockbond’s rapidly growing solutions currently have more than 800,000 users and are managed by a staff of 140 employees across four operational markets – The Philippines, Tanzania, Rwanda and Zambia. Head offices are in Norway and the UK.

Prior to the General Meeting, NPinvestor (now SPENN Technology) had entered into an agreement to acquire Blockbonds. The transaction is implemented as a share swap by SPENN Technology’s issuance of new shares to the shareholders of Blockbonds based on a valuation of Blockbonds of DKK 1.4 billion. The transaction is expected to be completed in early Q3 2021. After the completion of the transaction, the new shareholders hold 99.48 per cent of SPENN Technology.

“This move provides us with an opportunity to grow and penetrate more markets. We are on a mission to serve the 1.7 billion people that are still unbanked. By bridging the crypto sphere with traditional finance, we have developed a unique digital banking platform for the unbanked, as well as the banked, to send and receive money completely cost-free in markets where the cost of financial services is the highest in the world,” says Jens Glasø, CEO of SPENN Technology.

The General Meeting elected the following persons to serve on the Board of Directors of SPENN Technology: Jan Andersen, Karl-Anders Grønland, Adiam Negassie, Magne Fretheim and Rune Glasø.

SPENN Technology remains as the parent company of the legal entities CPH Crypto A/S, Netposten A/S and Blockbonds AS.

 

For further Information, please contact:

Jens Glasø, CEO of SPENN Technology, phone +47 404 04 750

Certified Advisor: Västra Hamnen Corporate Finance AB, phone. + 46 40 200 250, e-mail: [email protected]

SPENN Technology A/S

CVR nr.: 26518199
Symbol: NPINV
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
[email protected]
www.npinvestor.com

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NPinvestor.com A/S: Update in connection to strategic transaction between NPinvestor.com and Blockbonds

Company Announcement 48/2021

12th. of March 2021

CVR no. 26518199

In connection with the agreement between NPinvestor.com and Blockbonds there has been a re-valuation of the transaction. Blockbonds received a new lending product approval for its mobile banking application SPENN in Rwanda. The lending product will be launched in cooperation with I&M Bank Rwanda which approved the product on 2nd of March 2021. As a result of the news, stock option exercises have increased the number of shares in Blockbonds. The new number of shares to be exchanged between NPinvestor and Blockbonds sharesholders are 24.048.685.

The transaction has been pre-approved by the main shareholders of Blockbonds controlling 75.3 pct. of Blockbonds. The shareholders of Blockbonds will swap 24.048.685 existing shares in Blockbonds with 2.380.819.815 new NPinvestor shares, assuming that all shareholders of Blockbonds approve and fulfill the terms of the share swap. The current shareholders of NPinvestor will hold 0,42 pct. of NPinvestor after completion of the transaction.

The transaction is expected to be completed in early Q3 2021.

NPinvestor.com A/S will remain as the parent company of the legal entities CPH Crypto A/S, Netposten A/S and Blockbonds AS.

“The approval of the new lending product is a proof that SPENN plays a vital role in the Rwandan economy, providing users with access to affordable credit, as well as serves as a powerful tool for the bank to reach a user mass they never before could reach. SPENN Lending is an innovative, fully digital system that allows users to receive the payout of a loan within seconds” says Jens Glaso, CEO of Blockbonds AS.

To access credit, users need to be registered with SPENN and have either savings in their savings account or receive their salary to SPENN. Blockbonds has also built a unique credit scoring model that will ensure proper management of the lending product. The lending product will increase the long-term value for the SPENN customers and become a driver to the amount of funds in SPENN which is one of Blockbonds revenue drivers. SPENN Lending is a unique product built for the bank partners of Blockbonds and is based on a revenue sharing model. The bank is fully responsible for the credit risk. Blockbonds targets to roll out SPENN Lending in all operational markets.

SPENN is a platform for the unbanked as well as the banked to be able to send and receive money completely cost free, in markets where cost of financial services is the highest in the World. SPENN is disrupting the existing mobile payment distribution channels.

Blockbonds’ rapidly growing solution SPENN currently have more than 800,000 users and are managed by a staff of 140 employees across 4 operational markets – Philippines, Tanzania, Rwanda and Zambia. The head offices are in Norway and London.

Contacts

About NPinvestor.com A/S

NPinvestor is a Danish fintech company with activities within trading and investment as well as financial media (the NPinvestor.com group). The NPinvestor.com group offers opportunities for investors to find financial information, trading and asset management.

NPinvestor is listed at Nasdaq First North Growth Market Denmark. Ticker code: NPINV

NPinvestor owns 100 pct. of CPH Crypto A/S which offers to trade and invest with bitcoin and other cryptocurrencies. NPinvestor owns 100 pct. of NPinvestor.dk (operated by the subsidiary Netposten A/S) which is an investment portal for investors in the Danish market.

For further Information

NPinvestor.com A/S: CEO Jan F. Andersen, phone.: +45 8830 0008, e-mail: [email protected]

Certified Advisor: Västra Hamnen Corporate Finance AB, phone. + 46 40 200 250, e-mail: [email protected]

NPinvestor.com A/S
CVR nr.: 26518199
Symbol: NPINV
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
[email protected]
www.npinvestor.com