GSTechnologies Ltd (LSE:GST) chairman Tone Goh said the fintech has “continued to make significant progress” in the second half of its financial year to 31 March, with the agreed acquisition of Northern Ireland’s EasySend awaiting regulatory approval.
As part of its plan to develop and roll out a borderless neobanking platform, the company reported that its GS20 Exchange increased signed-up users and is trading profitably.
GS20 Exchange vaults, offering customers CCSS Level 3 self-custody for Bitcoin, Ethereum and various other blockchains, was launched in the period thanks to a partnership with Liminal, a blockchain wallet infrastructure specialist.
Angra Global, the multi-currency e-wallet service provider established in September after merging UK-based Angra with PAYPT Finance in Canada, is said to have grown since launch, allowing customers to hold funds in business accounts and convert major currencies and US dollar Tether tokens and make fund transfers.
The company said its focus for Angra Global, which is being co-overseen by recent board addition Lord Christopher Wellesley, is on accelerating revenue growth and hiring staff to expand its B2B neobank operations beyond the UK.
February’s acquisition of a majority stake in cybersecurity outfit Semnet has achieved “significant profitable growth” from winning third-party business, GST said, as well as enhanced cybersecurity support for the group's operations.
The abovementioned EasySend acquisition, announced in November, is conditional on approval being obtained from the UK Financial Conduct Authority for the change of control as the Northern Irish cross-border payments firm is a regulated entity. This would enable the two parties to agree on a definitive sale and purchase documentation.
“Both the GS20 Exchange and Angra Global are performing well and we are delighted with the performance of the recently acquired Semnet business,” said Goh.
“We continue to explore further value-enhancing acquisition opportunities that can assist with accelerating the development of the group and I look forward to providing further updates in due course."