Sep 29, 2021

Acquisition of Kazang propels SPENN to top spot in Zambia

SPENN Technology A/S acquires 60 per cent of Kazang Zambia Limited – part of Kazang, a multinational leader in prepaid value-added services in Southern Africa. The acquisition makes SPENN the largest cash in and cash out distributer in Zambia.

Company Announcement No. 62

The acquisition is made through a combination of cash and equity. The majority is through equity based on a valuation of SPENN Technology at DKK 2.16 per share, which is the latest recorded share price of SPENN Technology at Nasdaq First North Denmark.

SPENN Technology will issue 10,498,582 new shares related to the acquisition of Kazang Zambia, diluting existing owners by 0.44 per cent. Following the transaction, the new total of shares in SPENN Technology is 2,401,379,431.

The transaction is subject to Nasdaq’s approval of SPENN Technology’s change of identity.

Kazang Zambia Limited reported USD 21 million in revenue in 2020. The company processes more than 100,000 transactions per day and is currently growing at a rate of 500 agents per month.

“Kazang significantly increases our presence on the streets of Zambia, adding more than 10,000 agents and hardware terminals throughout the country. As a result, SPENN will become the biggest cash in and cash out distributer in Zambia,” says Jens Glaso, CEO of SPENN Technology.

Kazang helps shop owners, traders, and other entrepreneurs to increase sales and profits, and to grow their businesses. All of this by giving shoppers access to prepaid products and services that are needed and used every day.

Kazang offers multiple services through their point-of-sale machines, such as cash in/out, airtime purchase, data bundles, electricity, bill payments, insurance payments, gaming, and payments at supermarkets, gas stations and more.

“By integrating services, SPENN users will be able to deposit and withdraw money from any of the Kazang agents in Zambia, and we will also be able to integrate SPENN on the point-of-sales machines,” says Glaso.

“Following a thorough process, we are pleased to have acquired a well-run company with great ambitions for future development. Buying a majority stake in Kazang is part of an aggressive growth strategy, combining organic growth and M&A activities. We will be an active player in the M&A market going forward, and this is one of the reasons why Nasdaq’s approval of our change of identity will be productive for the growth of the company,” says Glaso.

For further Information, please contact:

Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00,

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000




About SPENN Technology A/S

About SPENN Technology A/S
In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

Following the purchase of Norwegian fintech company Blockbonds AS, SPENN Technology A/S is in what is referred to as a change of identity process. As such, we are required by Nasdaq to note that failure to conclude such process could mean that the company’s share could be de-listed.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN


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