Novatti’s exit out of fellow fintech SendFX pays handsomely

Novatti Group Limited advises that, by mutual agreement, it has exited its investment in cross-border payments provider, SendFX, and ended its provision of ongoing technology and compliance services.

SendFX was launched in early 2019 as a new cross-border payments platform, targeting individuals and small businesses. Novatti was a seed investor in SendFX, providing equity and debt funding together with technology and compliance services. The investment was announced to the ASX in March 2019.

Under its exit, Novatti will receive $900,000 in cash representing payment for the buy-back of Novatti’s shareholding, plus repayment of loan funds from an aggregate cash investment by Novatti of $400,000. The funds will be paid in three equal tranches over six months. The $900,000 realised will add to Novatti’s funds available for growth, including those raised in the capital raise of $10.2 million announced on 29 June 2020.

Novatti’s Managing Director, Peter Cook, said, “Novatti has strong inhouse expertise and a creative culture that enables us to commercialise high-growth ideas. Novatti is now funded to drive outstanding growth in this COVID-19 payments world.”