Fintech software provider of financial solutions TechFinancials Inc (LON:TECH) has provided an update on progress in the Company’s 75% owned subsidiary, Footies Ltd.
LeapRate reminds that October last year, TechFinancials entered into non-binding heads of terms with Footies Tech Ltd, a Blockchain based ticketing platform for sports venues and teams, to establish a new company subsidiary (NewCo). Footies is chaired by Ian Ayre, who was previously Chief Executive Officer of Liverpool Football Club, and current Chief Executive Officer of Nashville Major League Soccer. Footies’ vision is to fully digitise the ‘sport match-day experience’ in a way that is mutually beneficial for both fans and clubs alike.
TechFinancials has announced that it has now signed a new funding agreement with Footies under which it will provide a minimum of US$225,000 and up to US$300,000 by way of a convertible loan (“Loan”).
The Loan will be converted into Footies shares based on certain business conditions that will determine the valuation of Footies, which can potentially increase the Company’s equity intrest in Footies. The Loan amount is in addition to the commitment to provide up to US$500,000 to Footies, announced on 6 December 2018.
Asaf Lahav
Asaf Lahav, CEO of TechFinancials and a director of Footies, commented:
TechFinancials’ board is pleased with the progress in Footies and has therefore decided to continue to support the Footies venture. We believe that the Footies product, once fully commercialised, will play a pivotal role in shaping the future of the sports ticketing market, making it fully transparent and ensuring a fairer deal is delivered for both the venues and the supporters. We look forward to continuing to update the market through 2019 as we work towards helping to bring Footies’ product to market.