Triterras Fintech Pte Ltd. (“Triterras Fintech”),
a leading fintech company for commodity trading and trade finance,
today announced that its Kratos™ marketplace facilitated
approximately $5 billion of total trade and trade finance volume in
the six months ended August 31, 2020, which represents an
additional $2.1 billion of volume from the $2.9 billion of total
transaction volume in the first four months of its fiscal year
2020.
Kratos is one of the world’s largest commodity trading and trade
finance platforms that connects and enables commodity traders to
trade and source capital from lenders directly online. Triterras
Fintech monetizes the Kratos platform by charging fees to its users
on both trade and trade finance volumes.
"We are on track to meet or exceed our initial fiscal year 2020
projections that were released in July 2020,” said Triterras
Founder and Chairman Srinivas Koneru. “We enter the second half of
the fiscal year with solid operating momentum, giving us confidence
in our fiscal year 2021 projections.”
Koneru added: “We are encouraged by the trajectory of both our
respective trade and trade finance volumes and fees, as traders and
lenders continue to realize significant business benefits from our
Kratos platform. The small and medium sized enterprise (SME) trade
and trade finance market is very large and our platform is designed
to address the $1.5 trillion estimated annual trade finance
shortfall.”
On July 29, 2020, Triterras signed a definitive agreement to
become a public company through a business combination with Netfin
Acquisition Corp. (Nasdaq: NFIN, NFINW)
(“Netfin”). The business combination has been
unanimously approved by the boards of directors of both Netfin and
Triterras Fintech and is estimated to close in late October 2020
with the combined company’s ordinary shares and warrants to be
listed on Nasdaq under the symbols TRIT and TRITW, subject to
regulatory and shareholder approvals and other customary closing
conditions.
About TriterrasFounded in 2018, Triterras is a
leading fintech company focused on trade and trade finance.
Triterras developed and operates Kratos - one of the world’s
largest commodity trading and trade finance platforms that connects
and enables commodity traders to trade and source capital from
lenders directly online. For more information, please
visit triterras.com.
About Netfin Acquisition
Corp.Netfin Acquisition Corp. is a blank check company
incorporated for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses, focused on the
financial technology, technology and financial services industries,
including businesses engaged in commercial, online and mobile
banking and payments, trade finance and telecommunications, that
offer a differentiated technology platform and product suite for
interfacing with the financial services sector For more
information, visit netfinspac.com.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Netfin’s and Triterras Fintech’s
actual results may differ from their expectations, estimates and
projections and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Netfin’s and Triterras Fintech’s expectations with
respect to future performance and anticipated financial impacts of
the business combination, the satisfaction of the closing
conditions to the business combination and the timing of the
completion of the business combination. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside Netfin’s control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the outcome of any legal
proceedings that may be instituted against Netfin or Triterras
Fintech following the announcement of the business combination; (2)
the inability to complete the business combination, including due
to failure to obtain approval of Netfin’s shareholders or other
conditions to closing in the definitive agreement relating to the
business combination (the “Business Combination Agreement”); (3)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the Business Combination
Agreement or could otherwise cause the transactions contemplated
therein to fail to close; (4) the inability to meet Nasdaq’s
listing requirements following the business combination; (5) the
impact of COVID-19 on Netfin or Triterras Fintech; (6) the risk
that the business combination disrupts current plans and operations
as a result of the announcement and consummation of the business
combination; (7) the ability to recognize the anticipated benefits
of the business combination, which may be affected by, among other
things, competition and the ability of the combined company to grow
and manage growth profitably and retain its key employees; (8)
costs related to the business combination; (9) changes in
applicable laws or regulations; (10) the possibility that Netfin,
Triterras Fintech or the combined company may be adversely affected
by other economic, business, and/or competitive factors; and (11)
other risks and uncertainties indicated from time to time in the
proxy statement/prospectus relating to the business combination,
including those under “Risk Factors” in the Registration Statement
(as defined below), and in Netfin’s other filings with the SEC.
Netfin cautions that the foregoing list of factors is not
exclusive. Netfin cautions readers not to place undue reliance upon
any forward-looking statements, which speak only as of the date
made. Netfin does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
Important Information about the Business
Combination and Where to Find ItIn connection with the
proposed business combination, Netfin Holdco, a Cayman Islands
exempted company (“Holdco”), has filed with the SEC a registration
statement on Form F-4 (the “Registration Statement”) which includes
a proxy statement/prospectus and certain other related documents,
which will be both the proxy statement to be distributed to
Netfin’s shareholders in connection with Netfin’s solicitation of
proxies for the vote by Netfin’s shareholders with respect to the
business combination and other matters as may be described in the
Registration Statement, as well as the prospectus relating to the
offer and sale of the securities of Triterras to be issued in the
business combination. Netfin’s shareholders and other
interested persons are advised to read the preliminary proxy
statement/prospectus included in the Registration Statement and the
amendments thereto and the definitive proxy statement/prospectus,
as these materials contain important information about the parties
to the Business Combination Agreement, Netfin and the business
combination. After the Registration Statement is
declared effective, the definitive proxy statement/prospectus will
be mailed to Netfin’s shareholders as of a record date to be
established for voting on the business combination and other
matters as described in the Registration Statement. Shareholders
will also be able to obtain copies of the proxy
statement/prospectus and other documents filed with the SEC that
will be incorporated by reference in the proxy
statement/prospectus, without charge, once available, at the SEC’s
web site at www.sec.gov, or by directing a request to: Netfin
Acquisition Corp., 445 Park Avenue, 9th Floor, New York, NY 10022,
Attention: Gerry Pascale, Chief Financial Officer, (972)
979-5995.
No Offer or SolicitationThis press release
shall not constitute a solicitation of a proxy, consent or
authorization with respect to any securities or in respect of the
business combination. This press release shall also not constitute
an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any states
or jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of section 10 of the Securities Act.
Participants in the SolicitationNetfin and its
directors and executive officers may be deemed participants in the
solicitation of proxies from Netfin’s shareholders with respect to
the business combination. A list of the names of those directors
and executive officers and a description of their interests in
Netfin is contained in Netfin’s Registration Statement on Form S-1,
which was filed with the SEC on July 19, 2019, and is available
free of charge at the SEC’s web site at www.sec.gov, or by
directing a request to Netfin Acquisition Corp., 445 Park Avenue,
9th Floor, New York, NY 10022, Attention: Gerry Pascale, Chief
Financial Officer, (972) 979-5995. Additional information regarding
the interests of such participants will be contained in the
Registration Statement when available.
Triterras Contact:Jim Groh (678) 237-7101
Netfin Investor Relations
Contact:Gateway Investor RelationsCody Slach and Matt
Glover(949) 574-3860NFIN@gatewayir.com
Netfin Company Contact:Marat
Rosenberg, Founder & President(972) 757-5998
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