A £26m swoop for a London FinTech has been agreed four years after signing non-binding heads of agreement.
Cash shell Honye Financial Services, which is based in the Cayman Islands, listed on the London Stock Exchange with the purpose of executing a reverse takeover.
After years of delays due to investor hold-ups, it has now agreed a £26m deal for the entire issued share capital of Zoyo Capital.
Among the investors financing the deal on behalf of Honye are Weng Jianxiong (£2.5m) and Abdullah Alnuwaysir (£1m).
Zoyo was founded in April 2018 by a team of financial services and technology professionals. It is focused on designing the infrastructure for a Zoyo-branded app, which is intended to allow high net-worth individuals to trade equities listed on global stock markets.
“Once operational, the enlarged group also plans to generate revenue through the sale and licencing of Zoyo on-boarding KYC/AML tech products to businesses who require such services for regulatory reasons,” stated Honye.
Honey’s board comprises two executive directors plus a non-exec chair and non-exec director.
The executive directors are Liu Yu Xing, co-head of L&S Group, a cross-border M&A and corporate and financial consultancy firm; and Wan Bao Xu, who previously held relationship manager roles at Citibank and since 2016 has been an investment and client relationship manager at HengChuang Technology Co.
The chair is Shaun Carew-Wootton, currently a director of a boutique private equity and advisory business, while the NED is John Treacy, described as an experienced London-based financier who specialises in working with growing companies.