Quickbit expands collaboration with Paysecure
Today, Quickbit announces that it has signed an agreement on extended collaboration with its partner Paysecure. The expanded partnership means that Paysecure will mediate flows of customers and users from its existing transaction structure. Paysecure will also, through active marketing and customer processing of its network, contribute to increased growth in jointly acquired customers. If Paysecure meets certain commercial milestones, they will be compensated with the opportunity to acquire shares in Quickbit. This creates a long-term common business interest.
In September, Quickbit began a collaboration with the technology company Paysecure, which specializes in payment services. The collaboration means, among other things, that Quickbit gets access to their payment platform and to a large network of merchants. In addition to that, Paysecure assists with knowledge and know-how in payment technology that will lead to better conditions for increasing the number of merchants to Quickbit Pay and users to Quickbit App.
Now, Quickbit signs an agreement with Paysecure for an extended collaboration. The expanded collaboration means that Paysecure, with CEO Amit Hooja, will intensify its work to support Quickbit in increasing the number of merchants and users to Quickbit's products.
Paysecure will actively drive its existing users to the Quickbit App. This will create increased growth in the number of transactions and users, and thus also an increased interest in Quickbit's in-house developed solutions among new customers. Paysecure will also mediate flows of customers and users from its existing transaction structure to Quickbit and process jointly acquired customers in its network. These marketing actions and its related efforts are provided entirely by Paysecure. In return, Paysecure will receive the opportunity to subscribe to shares in Quickbit at a discounted price. The possibility to subscribe for shares is conditional on the achievement of certain commercial milestones related to the number of active users in the Quickbit App. Thus, through the extended collaboration, Paysecure will contribute even more to Quickbit's growth and have incentives to continue contributing to Quickbit's development as a potential owner.
The background to the extended cooperation agreement is that Paysecure has great faith in Quickbit and its products. There is no timetable in the agreement linked to when the milestones must be met in order for Paysecure to be able to subscribe for shares in Quickbit as agreed. The subscription price in this opportunity to subscribe for shares for Paysecure, will be discounted based on what the price will be at the time of the potential fulfilment of the commercial milestones. The dilution upon the fulfilment of the first commercial milestone may involve a maximum dilution of approximately 10 percent.
"The collaboration with Paysecure is brilliant news for Quickbit. This partnership will give us significantly better conditions to generate users and win customers for faster and more sustainable revenue growth. It is a partnership that may well surpass the previous transactional structure. It gives Quickbit great confidence that our investments are the right ones and that we will become a stronger company going forward when our new partnership begins to deliver fully”, says Daniel Sonesson, CEO Quickbit.
For further information, please contact:
Daniel Sonesson, CEO
+ 46 73 530 30 25
ir@quickbit.com
This information is such information that Quickbit eu AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above contact person, on Tuesday, 28 November 2023 at 17:30 p.m CET.
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Quickbit is a Swedish fintech company founded in 2016 with the goal of making the integration of cryptocurrencies into the everyday lives of people and companies smoother. Today, Quickbit offers safe and easy-to-use products for e-merchants as well as customers. With a transaction volume to date in excess of €1 billion, Quickbit has already enabled and empowered individuals around the world, through the use of cryptocurrencies. Quickbit has been listed on NGM Nordic SME since July 2019. For more information, please visit www.quickbit.com