Allfunds Bank raised $8.5 million in capital to fund part of WebFG purchase

Madrid on June 17 (European press) –

Allfunds bank has made a capital increase of €8.46 million aimed at partially covering the acquisition of WebFG, once the process is completed, according to sources from the entity to Europa Press.

The funds were fully contributed by the parent company Allfunds Group, a UK listed company and sole shareholder of Allfunds Bank, a Spanish regulated financial institution.

With an injection of 8.46 million euros, bringing Allfunds Bank’s own funds to 77.23 million euros, the entity will finance part of the WebFG purchase. Friday’s capital increase was published in Burmese and “in the normal course of business,” as they noted from the entity.

Fund maker B2B platform WealthTech announced on May 31 that it has formalized the acquisition of Web Financial Group after meeting the usual closing conditions. WebFG, already a subsidiary of Allfunds, will continue to operate under its existing brand within the Allfunds ecosystem.

The value of the operation, which excludes the media business, was 145 million euros. Allfunds will include 91 employees of the fintech company, the software provider for the wealth management sector, into its six offices in Europe.

Allfunds currently has the largest fund distribution network in the world and provides access to the largest network of mutual funds and ETFs globally.

At the end of the first quarter of 2022, it had €1.4 trillion in assets under management (AuA), up 10.3% from the previous year.

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