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Augmentum Fintech Plc - Successful fundraise for Augmentum portfolio

·3-min read

16 April 2020

Augmentum Fintech plc

Portfolio companies complete new fundraising: Onfido USD100 million, and Previse USD11 million

Augmentum Fintech plc (LSE: AUGM) (“Augmentum” or the “Company”), the UK’s only publicly listed specialist fintech fund, welcomes the announcements by portfolio companies Onfido and Previse that they have successfully closed fundraisings.

Onfido (www.onfido.com), the global identity verification and authentication company, has raised $100 million, led by global investment firm TPG Growth. This new funding will accelerate Onfido’s mission to deliver a new identity standard that helps everyone in the world easily and securely access digital services.

This funding round implies a value of Augmentum’s holding in Onfido of approximately £10.87 million. This implied valuation would represent an uplift of approximately £2.5 million compared to the carrying value of the Company’s investment in Onfido (being the last reported fair value of the Company’s holding of £4.62 million as at 30 September 2019 combined with the £3.75 million Convertible Loan Note follow on investment announced on 16 December 2019).

Previse (www.previ.se), the leading artificial intelligence and data science fintech that enables instant payments for suppliers has raised $11 million to support continued growth as the business rolls out its instant payment technology, InstantPay, to more large corporate buyers.

This funding round implies a revised valuation of Augmentum’s holding in Previse of approximately £3.82 million. Augmentum has invested £2.25 million in Previse to date and this implied valuation would represent an uplift of approximately £1.57 million compared to the carrying value as at 30 September 2019.

The Company's NAV and NAV per ordinary share as at 31 March 2020 will be calculated in accordance with its valuation policy and currently plan to announce this in due course. Shareholders should note that the calculation of the NAV per ordinary share as at 31 March 2020 will take account of the latest valuations of all of the Company's investments as at 31 March 2020. As such, this announcement does not constitute or describe an updated NAV of the Company.

Welcoming news of the successful funding rounds into the two portfolio companies, Tim Levene, CEO of Augmentum Fintech said: “In our announcement of 24 March 2020 (“Covid 19: Potential impact and portfolio progress”) we explained that the Company has a strong and diversified portfolio across fintech sectors many of whom are category leaders. We expect several of them to perform counter-cyclically and a number are already experiencing heightened demand for their products and services. Onfido and Previse are just two such companies.”

Ends

For further information, please contact:

Augmentum Fintech
Tim Levene, Portfolio Manager
Nigel Szembel, Investor Relations


+44 (0)20 3961 5420
+44 (0)7802 362 088 / nigel@augmentum.vc

Peel Hunt
Liz Yong / Luke Simpson


+44 (0)20 7418 8900

N+1 Singer
Harry Gooden / James Moat


+44 (0)20 7496 3000

Frostrow
Victoria Hale, Company Secretary


+44 (0)20 3170 8732
victoria.hale@frostrow.com

Notes

About Augmentum Fintech plc:

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.