Fastator to invest in Swedish fintech company with a niche in the property sector
Fastator has today signed an agreement to acquire 25% of the financial technology company MDG, a digital platform for the rental market. The investment will take place by MDG issuing new shares to Fastator, after which Fastator’s ownership shareholding in MDG will amount to 25%. Through this investment, Fastator enters the growing market for digitally based financial services, focusing on the property sector.
MDG was founded in 2014 and provides a digital platform for administering services related to rental properties. Currently, the platform is only available in a beta version but it will be widely launched during 2017, with Fastator as its financial and strategic partner. The global market potential for this type of service is estimated to be between SEK 70 billion and 80 billion. It is MDG’s ambition to play a leading role in the development of this part of the rental market in Sweden and internationally.
The acquisition enables Fastator to expand its portfolio to include digital services for the property sector.
The CEO of Fastator, Daniel Hummel, made the following comments on the transaction:
”The market for fintech services is growing rapidly and is very interesting from an investor’s point of view. The property sector is still relatively traditional and there is a huge potential for increased digitisation and new technical solutions. We view financial technology services as a very attractive future growth area within the property sector. The investment in MDG is an opportunity for us to create a platform for more tech investments in the future and the transaction strengthens our position in technology and property.”
The investment is not expected to impact Fastator’s earnings during the current year.
For more information on MDG, please visit http://mdgsweden.se/
For more information about the acquisition, please contact:
Daniel Hummel, CEO
+46 (0)70 661 24 29
Erika Kveldstad, CFO
+46 (0)70 339 99 99