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Ageras targets ‘1-2 major acquisitions’ amid growing revenue, profits and market appetite for a pan-European consolidation of fintechs to catch its ‘camel ride’

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Danish fintech Ageras, a leading provider of accounting, banking and business software solutions for more than 300,000 European small businesses, is ready to respond to a ‘growing market appetite’ for a pan-European consolidation in the fintech and business software sector, targeting to complete 1-2 major acquisitions before a potential IPO in 2026. And according to its CEO, the company is already in ‘advanced talks’ with prospects that can fulfil its vision of becoming Europe’s largest in its industry, aiming to execute on its ambitions as early as 2024, as the publication of Ageras’ 2023 annual report shows its first-ever profitable EBITDA and continued revenue growth of 53% to support its further expansion plans:

“As a result of our transformative and strategic ‘One Company’ initiative, we grew our revenue by 53% and reached the important milestone of becoming profitable, ending the year at an EBITDA margin of +30%. This accomplishment not only validates the effectiveness of our strategic direction, but also underpins our position as a resilient player in the market. This is a unique platform for consolidation and further growth and with other European fintechs and SaaS companies having been hit in the wake of the last couple of years’ financial turmoil, we believe there is now both supply and demand for a pan-European consolidation on our platform for accounting and banking software; together we can own the niche,” says Rico Andersen, CEO and co-founder of Ageras.

A financial ‘camel ride’

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According to Ageras’ 2023 annual report, the 53% revenue growth amounted to a turnover of EUR 31.7 million in a fiscal year labelled its ‘most exciting year ever’ which also included the Danish fintech’s first-ever profitable EBITDA of EUR 1.2 million. More importantly, an upward trend in Compound Annual Growth Rate (CAGR) for the past five years of a similar 53% underlines that Ageras is on a stable and strong growth trajectory defying the financial environment. Thus a unique market position that serves as a clear call-to-action for other fintechs and business software companies wanting to consolidate and join the journey, Rico Andersen argues:

“Last year we spoke about Ageras being a camel, a financial term coined by Alex Lazarow. Camels can survive the scorching heat of the desert sun, sandstorms, as well as the freezing desert nights. Unlike unicorns, camels are not imaginary creatures living in fantasy worlds. They are real, resilient, and can survive in the harshest places on Earth. Our 2023 metrics and market position proved that we are mission-critical and resilient. We can survive turbulent times. It is this financial ‘camel ride’ we want to offer Europe’s fintechs and business software companies servicing SMEs with accounting, banking and tax solutions,” elaborates Rico Andersen.

Timing ‘couldn’t be better’

Earlier in the spring of 2024, Ageras raised EUR 82 million in fresh equity for new acquisitions with overwhelming commitments from the existing investor Investcorp and new investors including Norwegian state pension fund Folketrygdfondet and American asset manager Lazard. And with the European tech sector showing stabilisation and the ECB having just announced easing on interest rates, Ageras’ investors too feel confident that the timing is right for Europe’s accounting and banking software suppliers to come together to service the continents’ almost 25 million SMEs on a central platform under the Ageras brand:

“We are continuing to successfully execute our strategy to acquire and consolidate the fintechs and business software companies servicing Europe’s millions of SMEs. On the Ageras platform, they will benefit from economies of scale, cross-border reach and thus the ability to tap seamlessly into new markets across the continent, and with the macroeconomic environment easing its grip on Europe’s tech sector combined with Ageras’s unique market position, both financially speaking and concept-wise, timing couldn’t be better,” says Gilbert Kamieniecky, Head of Private Equity Europe at Investcorp, who entered Ageras as investor in 2017.

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Blockchain

RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah

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Phoenix Group PLC and IOPn commit to investing $100 million to drive innovation and attract top Web3 talent to Ras al Khaimah by 2030.

This partnership aims to create a thriving ecosystem for blockchain and digital assets in the region.

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RAK DAO, the world’s first and only Free Zone with Common Law features established to support digital assets companies, has entered into a strategic partnership with Phoenix Group and IOPn. This collaboration aims to drive innovation, foster economic growth, and further position Ras al Khaimah as a global hub for Web3 pioneers. Phoenix Group, an ADX-listed company, is a leader in web3 development in the UAE. IOPn is an integrated Web3 ecosystem that leverages blockchain, AI, and cutting-edge spatial computing.

As part of the partnership, Phoenix Group and IOPn have committed to investing $100 million into the Emirate of Ras al Khaimah by 2030 leveraging RAK DAO’s infrastructure. This substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region. Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

This collaboration underscores our commitment to driving economic growth and sustainability through technological advancements. We look forward to welcoming top-tier professionals and pioneering initiatives that will redefine the digital landscape of Ras al Khaimah.”

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

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Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

At the heart of this collaboration lies a commitment to access and nurture top-tier talent within the blockchain and Web3 industries. By enriching the local talent pool and fostering an environment conducive to innovation, RAK DAO, Phoenix Group and IOPN aim to drive forward-thinking initiatives that redefine the landscape and highlight the Emirate of Ras al Khaimah as an attractive destination for top talent. This six-year partnership and substantial investment underscore their dedication to stimulating innovation and attracting top-tier professionals.

 

The post RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah appeared first on HIPTHER Alerts.

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Blockchain

xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations

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 xPortal, the ultimate financial super app for everything money, developed by the MultiversX team, is thrilled to announce significant enhancements to its platform, aimed at elevating the Solana ecosystem experience for both new and existing users.

These updates include the ability to top up xPortal Debit Cards with SOL, the listing of numerous SPL tokens, and the integration of leading SOL dApps in xPortal’s Discover section, the app’s multi-chain dApp hub. This development further cements xPortal’s role as a unique bridge between the digital and physical worlds, facilitating seamless transitions from crypto to cash for holders of top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), MultiversX (EGLD), Solana (SOL), and Polygon (MATIC).

Starting today, xPortal users can effortlessly top-up their xPortal Debit Cards with their SOL holdings. This new feature allows Solana enthusiasts to use their crypto for shopping easily and manage their finances quickly, making it simpler than ever to transition from digital assets to real-world spending power.

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Additionally, xPortal now supports over 20 Solana-based SPL tokens, providing users with expanded opportunities to manage and interact with their favorite Solana assets. The new tokens available on xPortal include $PYTH, $IO, $JTO, $WIF, $BONK, $JUP, $RAY, $BOME, $HNT, $POPCAT, $BEER, $USDT, $USDC, $LINK, $LDO, $FTM, $RPL, $SUSHI, $DADDY, and $BODEN. This extensive list ensures that users can now enjoy a comprehensive Solana experience directly from the xPortal app, with more tokens being activated weekly.

The xPortal Discover section has also been enhanced with the addition of top-tier Solana decentralized applications (dApps). Users can now explore and interact with premier Solana dApps, including Jupiter Exchange, Raydium Protocol, and Kamino Finance.

Sergiu Biris, Head of Product at MultiversX and xPortal Lead, commented on the update: “These latest developments are a testament to our dedication to providing a complete experience for our users and represent a significant step forward in our mission to bring blockchain technology into the mainstream and make crypto payments the norm.”

“We’ve spent considerable time equipping xPortal with a unique set of features that make it stand out: unmatched simplicity and ease of use, beautifully abstracted complexity, the ability to bridge physical and digital realms, and many others. We’re excited to make access to all these features ecosystem-agnostic,” Biris added.

 

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Blockchain

ChainSwap Adds BNB Chain to Their Decentralised Exchange

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ChainSwap, a multi-chain decentralized exchange (DEX), has integrated BNB Chain into its platform, adding to its growing list of supported networks. The new integration will enable users to conduct transactions on the BNB network, with plans for cross-chain transactions in the near future.

The incorporation of BNB Chain has seen ChainSwap continue to expand its multi-chain DEX, cementing its commitment to provide users with a secure platform for seamless cross-chain transactions. This is enabled by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), delivering unparalleled security and privacy for transactions taking place on the platform.

Fitzy, Founder and CEO of ChainSwap, was emphatic on the importance of the new integration: “Integrating the BNB chain on our network will help our users navigate Web 3 space, and plays into our mission of growing, and becoming increasingly interoperable”.

With plans to enable cross-chain transactions between BNB Chain and other leading blockchain networks, ChainSwap aims to further expand the utility of its seamless cross-chain transactions for users.

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