Safello Announces IPO Plans in First Half of 2021
Swedish fintech startup Safello has raised SEK 11 million in a new share issue and aims for listing on the Nasdaq First North Growth Market in 2021.
Safello is a Stockholm-based fintech startup that offers a transparent and user-friendly exchange platform for cryptocurrencies with 165,000 customers and more than SEK 800 million in transaction volume.
Safello reached profitability in mid-2019 and has had an increased order growth of 831%. In recent months, the company has introduced several new products and services, including Safello Business, broadening its offering from private individuals to corporate clients.
Today, Safello announces that the company is working for a stock exchange listing on the Nasdaq First North Growth Market during the first half of 2021. In connection with this, a new share issue of a maximum of SEK 11 million was carried out to cover the listing costs and some key recruitments.
- The primary purpose of the IPO is to strengthen our growth opportunities further, which can hopefully contribute to increased transparency and shed light on a traditionally misunderstood industry. We plan to broaden our product portfolio and foresee a potential expansion abroad in the near future, says Frank Schuil, co-founder and CEO of Safello.
The new round was led by Digital Currency Group (DCG), founded by Wall Street veteran and crypto investor Barry Silbert. The list of owners includes, in addition to DCG, several reputable VC firms such as Northzone, White Star Capital, and Techstars.
- We first invested in Safello in 2014 and have been impressed with the company's growth and perseverance throughout the years. We are excited to support Safello in the next phase of development and their desire to go public, says Barry Silbert, founder and CEO of Digital Currency Group.
Safello has named Corpura Fondkommission as financial advisor to help with the listing. The law firms Schjødt and Kassai Law have been appointed as legal advisers.
- We see significant interest in the crypto segment in its entirety – and in Safello as a company in particular. This is evident as the issue was oversubscribed to SEK 48 million, which corresponds to a subscription rate of almost 500 percent, says Carl Kindal, partner at Corpura Fondkommission.
The details of the listing will be published in early 2021.
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For more information, please contact:
Frank Schuil, co-founder and CEO of Safello, +46 10 344 00 50, press@safello.com
Safello is an online cryptocurrency brokerage. Regulated as a financial institution with Finansinspektionen (Swedish FSA), Safello offers a secure way to buy and sell crypto, in seamless transactions at industry-leading speeds. Partners integrate Safello’s brokerage solution to their web and mobile applications. In 2015, Safello made international headlines, following a proof-of-concept partnership with Barclays, making it the world’s first crypto player to partner up with a major bank to explore cryptocurrencies. Founded in 2013 in Sweden, Safello is driving crypto adoption for users, with a safe, efficient and user-friendly platform.
