27 February
2025
Investment Evolution Credit
plc
("IEC", the
"Company" or the
"Group")
Proposed Acquisition of
Credit Canary Ltd
Investment Evolution Credit plc
(AQSE: IEC) - 27 February 2025: IEC, a global fintech group
specialising in online consumer loans, announces that it has made
an offer to acquire the entire issued share
capital of Credit Canary Ltd ("Credit Canary"), a UK incorporated
private limited company that specialises in
AI and software development and provides AI consumer credit
services, for a total consideration of approximately £4 million
(the "Proposed
Acquisition"), subject to the completion of
the relevant due diligence processes, satisfaction of certain
conditions and the signing of a binding share purchase
agreement.
Details of the Proposed Acquisition
Under the terms of the Proposed
Acquisition, IEC intends to acquire 100% of all share classes of
Credit Canary, representing its entire issued share capital, for a
total consideration of approximately £4 million, to be satisfied
through the issue of 32,000,000 new ordinary shares of £0.005 each
in the Company at a price of 12.5p per share. The Proposed
Acquisition reflects the commencement of the Company's M&A
strategy in consumer finance services.
Under the terms of the Proposed
Acquisition, Credit Canary would retain its staff, operating
structure, brand and autonomy. It is proposed that the shareholders
of Credit Canary will be locked-in for a 12 month period from the
effective date of the Proposed Acquisition.
The Proposed Acquisition is
conditional upon the satisfaction of certain conditions, including
regulatory approvals, completion of due diligence by the Company,
and the signing of a binding share purchase agreement. A further
announcement will be made in due course.
Credit Canary is a UK incorporated
private limited company founded in 2022 that leverages advanced
technology, multi-source data and artificial intelligence to
enhance consumer credit lending processes and customer management.
The full acquisition of Credit Canary would allow the adoption of
its services as a software provider by IEC and sale of Credit
Canary AI consumer finance services into UK and potentially in the
future into global markets such as US, Europe, Philippines and
Africa.
Richard Leaver, Chief Executive Officer of Investment
Evolution Credit plc, stated:
"IEC has made an offer to acquire Credit
Canary, as it offers the prospect of a highly favourable outcome
for both companies and aligns with the Company's goals of
incorporating a vertical with significant beneficial use of AI in
consumer lending. The Board of IEC recognises the valuable
synergies of the acquisition with the Company's strategy, which
could significantly advance IEC's plans in 2025."
About IEC
IEC is an AI driven, consumer
finance fintech innovator with a mission to rehabilitate
borrowers through better technology and fairer products. IEC
is an experienced regulated licensed lender under the consumer
brand Mr. Amazing Loans in the United States with state
consumer lending licenses/certificates of authority in the six
states
of California, Florida, Georgia, Illinois, Nevada and New
Jersey and an established track-record of regulatory
compliance for over 14 years. IEC plans to expand its United
States lending model to the United Kingdom market in
2025 by providing £2,000 to £10,000 online
personal loans with fixed affordable repayments, subject to
the successful acquisition of an existing UK FCA licensed
consumer lender. IEC also plans to expand its business to
providing AI consumer credit services globally through the
acquisition of existing AI businesses.
About Credit Canary
Credit Canary Ltd is a UK-based
fintech company specialising in AI-driven credit risk assessment
and customer engagement solutions. Founded in 2022, it helps
lenders proactively manage borrowers by integrating real-time data
from multiple sources, including open banking, credit reports, and
tax records. Credit Canary's technology enables lenders to detect
early signs of financial distress, reducing missed payments and
improving loan performance. By leveraging predictive analytics and
automation, this provides actionable insights, allowing financial
institutions to support customers more effectively. The company has
gained recognition in the fintech sector, advancing in TSB Bank's
Innovation Labs. Credit Canary aims to transform the consumer
credit industry by making lending fairer, more responsible, and
data-driven. For more information please visit:
www.creditcanary.co.uk
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
accept responsibility for the contents of this
announcement.
Enquiries:
|
Investment Evolution Credit plc
|
|
|
Richard Leaver - Chief Executive
Officer
|
iecenquiries@investmentevolution.com
|
|
Cairn Financial Advisers LLP (IEC AQSE Corporate
Adviser)
|
|
|
Ludovico Lazzaretti
|
+44 (0) 20 7213
0880
|
|
Jo Turner
|
|
|
|
|
|
Oberon Capital (IEC Corporate Broker)
|
|
|
Adam Pollock
Nick Lovering
Jessica Cave
|
+44 (0) 203 179
5300
|
|
Professional and institutional
investors can contact Oberon Capital on corporatesales@oberoninvestments.com
|
For
more information please visit: www.investmentevolution.com/investors
Caution Regarding Forward Looking Statements
Certain statements made in this
announcement are forward-looking statements. These forward-looking
statements are not historical facts but rather are based on the
Company's current expectations, estimates, and projections about
its industry; its beliefs; and assumptions. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,'
'estimates,' and similar expressions are intended to identify
forward-looking statements. These statements are not a guarantee of
future performance and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond the
Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in
the forward-looking statements. The Company cautions security
holders and prospective security holders not to place undue
reliance on these forward-looking statements, which reflect the
view of the Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to
events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions
or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of
this announcement except as required by law or by any appropriate
regulatory authority.
