20th Aug 2020 10:16
(Alliance News) - GB Group PLC on Thursday said that it has invested USD3 million in financial technology company CredoLab.
The fraud prevention and identity management services company has led a USD7.0 million first close of a Series A investment in the Singapore-based company.
In an all-share transaction, GB Group will purchase a minority stake in CredoLab for USD3.0 million. GB Group will issue 321,882 shares to CredoLab as part of the deal.
CredoLab develops artificial intelligence-driven bank-grade digital scorecards for businesses that need to assess an applicant's risk profile and make better credit decisions.
GB Group Chief Executive Officer Chris Clark said: "We have experienced first-hand CredoLab's capabilities from our ongoing commercial partnership. The company's AI-based proprietary technology will not only complement our existing offering but also provide critical behavioural risk reference data from good customers who are financially excluded."
Shares in GB Group were trading flat at 730.27 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Gb Group