The fintech and sports betting tech provider has agreed a deal to buy the gaming operator Goldchip, whose licence has been suspended.
UK.- The new fintech and sports betting tech provider Swifty Global has reached a deal to buy fellow London-based company Goldchip Limited. It will buy the online gaming company for an undisclosed sum through a mix of cash, restricted shares and vendor finance.
Swifty is the developer behind a digital wallet, Swifty Wallet, and an AI-powered app for sports predictions. It’s gained UK and Curacao gambling licences and expects to launch its sports predictions app in the UK soon. It says the acquisition of Goldchip will speed up its launch.
Goldchip has 14 staff in the UK and reported revenue of £74.7m and net profit of £1.8m for 2021-22. It boasts a portfolio of around 750 high net worth VIP clients including several celebrities and sports personalities. Swifty aims to increase this to 900 clients by the end of 2022 and introduce its sports predictions app and casino to the Goldchip client pool.
Last month, the British Gambling Commission suspended Goldchip’s licence after initiating a review of its business. Without going into specifics, the regulator said it suspected that the company had breached the terms of its licence due to social responsibility and anti-money laundering failings.
Swifty says its acquisition of Goldchip will put an end to this issue since Goldchip’s clients will be able to immediately migrate to Swifty’s gambling licence.
Swifty chairman Nicolas Link said: “I’m delighted about this deal; the team have been working extremely hard to build this business and it’s fantastic to be able to put substantial tangible scores on the board with immediate effect, especially since the share price has had a tough time of late.
“With this deal, Swifty bypasses the next three milestones on its roadmap and becomes a serious player in the OTC, where there are not many businesses delivering nearly $100m in annual revenues.”
Swifty said it is also making progress with its EMI banking licence, which will allow it to issue virtual banking cards for the Swifty Wallet, which is intended to allow users to merge crypto networks and wallets. Lauched by Deer Cashmere Holding Company last year, it said it’s also evaluating possible acquisitions in the fintech space. Swifty Global has James Gibbons as CEO.