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GB Group (AIM: GBG), the identity data intelligence specialist, is leading the $7m first close of a Series A investment into CredoLab, a developer of bank-grade digital scorecards headquartered in Singapore.
In an all-share transaction, GBG will purchase a minority stake in CredoLab for a total consideration of US$3.0 million. This is in accordance with GBG's ongoing cash management strategy.
Established in 2016, 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.
In exchange for GBG's minority stake in CredoLab, GBG will issue to CredoLab 321,882 ordinary shares in GBG.
Application has been made to the London Stock Exchange for the consideration shares to be admitted to trading on AIM. It is expected that admission to the AIM will become effective and that dealings on AIM will commence in the consideration shares on 21 August 2020.
At 8:21am: (LON:GBG) Gb Group PLC share price was -0.5p at 730.5p