Portfolio Update: Onfido enters exclusive discussions with potential acquirer
Augmentum Fintech plc (LSE: AUGM) (the "Company"), Europe's leading publicly listed fintech fund, notes the announcement today that portfolio company Onfido has entered exclusive discussions with potential acquirer, US based Entrust, a global leader in trusted payments, identities and data security. If this transaction goes ahead we expect the proceeds to be at or slightly above the current holding value, and it will be Augmentum's sixth portfolio investment exit.
Augmentum first invested in Onfido, the AI/ML-powered identity verification business, in 2018 with £4 million and a further £3.7 million in 2019. At 30 September 2023 the fair value of the Onfido holding was £9.7 million representing 3.6% of the portfolio.
Any agreement to this transaction remains subject to regulatory approval and other steps required in accordance with applicable laws.
Enquiries
Augmentum Fintech
Tim Levene (Portfolio Manager)
Martha Horrox (Marketing)
+44 (0)20 3961 5420
martha@augmentum.vc
Quill PR
Nick Croysdill, Sarah Gibbons-Cook
(Press and Media)
+44 (0)20 7466 5050
press@augmentum.vc
Peel Hunt LLP
Liz Yong, Luke Simpson, Huw Jeremy
(Investment Banking)
+44 (0)20 7418 8900
Singer Capital Markets
Harry Gooden, Robert Peel, James Fischer
(Investment Banking)
+44 (0)20 7496 3000
Frostrow Capital LLP
Paul Griggs (Company Secretary)
+44 (0)20 3709 8733
About Augmentum Fintech
Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK's only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.
Augmentum Fintech plc is a United Kingdom-based investment company focusing on the fintech sector. The Company is giving businesses access to patient funding and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth. The Company's investment objective is to generate capital growth over the long term through investment in a focused portfolio of fast growing and/or high potential private financial services technology businesses based predominantly in the United Kingdom and wider Europe. The Company seeks exposure to early-stage businesses which are high growth, with scalable opportunities, and have disruptive technologies in the banking, insurance and wealth and asset management sectors as well as those that provide services to underpin the financial sector and other cross-industry propositions. Its portfolio manager is Augmentum Fintech Management Limited.