Business
Acquisition of AppToPay Ltd
Acquisition of AppToPay Ltd.
About this update from Secure Trust Bank Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5186T\n Secure Trust Bank PLC\n 25 November 2021\n \n \n \n Secure Trust Bank PLC\n LEI: 213800CXIBLC2TMIGI76\n 25 November 2021\n For embargoed release at 07.00am\n \n \n \n \n \n \n \n Secure Trust Bank PLC (\"STB\" or the \"Company\")\n \n \n \n \n \n Secure Trust Bank acquires AppToPay Digital Buy Now Pay Later technology platform company \n \n \n \n \n \n Secure Trust Bank PLC ('STB') is pleased to announce that it has agreed to acquire AppToPay Ltd (AppToPay), owner of a proprietary technology platform to support its planned entry into the digital Buy Now Pay Later (\"digital BNPL\") market. \n \n \n \n \n \n STB, through its V12 Retail Finance business, is already a leading provider of point-of-sale retail finance, with a network of more than 1,400 retailers and more than 840,000 consumers, and currently specialises in providing larger, longer-duration loans[1]. The acquisition of AppToPay positions STB to enter the highly complementary, fast-growing digital BNPL market[2] focused on smaller sized, shorter-duration loans.\n \n \n \n \n AppToPay Ltd is authorised by the Financial Conduct Authority and therefore completion of the acquisition, which is subject to regulatory approvals, is expected around Q1 2022. The acquisition will allow STB to accelerate its entry into the digital BNPL market, reducing the product development time required. STB plans to integrate the AppToPay platform with its existing technology capabilities to offer a regulated digital BNPL product. This will enable STB to introduce this new digital BNPL offering across its existing retailer network alongside its current retail finance products through a new brand, AppToPay, with a launch planned for H1 2022. \n \n \n \n \n \n Although AppToPay is being acquired for a small amount it represents a significant step forward in STB's strategy to seek attractive returns in niche segments and scale its core businesses, both organically and through value-accretive M&A. AppToPay is expected to scale over time and will become an important incremental offering for the V12 Retail Finance platform in the medium term. \n \n \n \n \n David McCreadie, Chief Executive Officer of Secure Trust Bank, said:\n \n \n \"I am delighted to announce the acquisition of\n \n AppToPay. V12...