SMG Swiss Marketplace Group AG has acquired 100% of moneyland.ch AG, effective immediately.

Integration and Continuity

Moneyland.ch will be integrated into SMG’s Finance & Insurance business unit, joining forces with FinanceScout24. Despite the acquisition, the moneyland.ch brand, platform, and team will remain unchanged. Founder Benjamin Manz will continue in his role as Managing Director.

Moneyland.ch will continue to operate as an independent brand, maintaining its mission to provide transparency for Swiss consumers through neutral financial comparisons, calculators, and editorial content.

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Expertise and Renowned Comparisons

Since its inception in 2013, moneyland.ch has become renowned for its impartial comparisons, calculators, studies, and guides. Jochen Pernegger, Managing Director of Finance & Insurance at SMG, praised moneyland.ch’s contributions: “Moneyland.ch has consistently set industry standards with its high-quality financial comparisons. We are excited to collaborate and leverage the Moneyland team’s expertise and extensive product range to advance our Finance & Insurance division.”

A Strategic Addition

SMG’s Finance & Insurance division, represented by FinanceScout24 for nearly five years, will be significantly enhanced by the acquisition of moneyland.ch. This acquisition aims to streamline the process for Swiss consumers to find and secure the right financial and insurance products digitally and efficiently.

With moneyland.ch, SMG now offers a comprehensive range of comparison services previously missing from its portfolio.

Benjamin Manz emphasized the benefits of this acquisition: “Moneyland.ch will gain from SMG’s digital expertise, network, reach, and established platform awareness. This will allow us to make our comparison platform accessible to a broader audience. We are especially looking forward to collaborating with the FinanceScout24 team.”

Source: fintechnews.ch

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The Central Bank of Nigeria (CBN) has announced that it will sanction Deposit Money Banks (DMBs) and authorized forex dealers that refuse to accept old and lower denomination United States Dollar (USD) bills from customers.

In a circular dated June 27, 2024, signed by Solaja Mohammed-J Olayemi, the Acting Director of Currency Operations, the CBN emphasized the mandatory acceptance of such notes. This new circular references an earlier directive, COD/DIR/INT/CIR/001/002, issued on April 9, 2021, which explicitly prohibited selective acceptance of deposits and required full compliance from all relevant parties.

Despite the earlier directive, consumer market intelligence conducted by the CBN revealed that DMBs and other authorized forex dealers continue to reject old and lower denomination USD bills.

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The CBN has reiterated that all Deposit Money Banks and authorized forex dealers must accept both old series and lower denominations of USD bills that are recognized as legal tender. This ensures customers can deposit these bills without facing unnecessary rejection.

The CBN is prepared to impose sanctions on any DMB or authorized forex dealer that refuses to accept old series or lower denomination USD bills from customers. This measure aims to enforce compliance and ensure uniformity in handling foreign currency deposits.

Additionally, the CBN cautioned authorized forex dealers against defacing or stamping USD banknotes, as such actions can cause the notes to fail authentication tests during processing and sorting, leading to further complications.

Source: 21stcenturychronicle.com

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Fintel plc has completed the acquisition of Threesixty Services from abrdn plc for £14.6 million in an all-cash transaction. This marks Fintel’s eighth acquisition in the past year.

Fintel, based in Huddersfield, provides fintech and support services to the UK retail financial services sector through its brands SimplyBiz, Compliance First, and SIFA. With the addition of Threesixty Services, a Manchester-based firm, Fintel now serves over 900 independent financial adviser and discretionary fund management firms and 10,000 advisers.

Threesixty Services generated external revenues of £6.5 million in 2023, giving the acquisition a revenue multiple of approximately 2.2x.

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Neil Stevens, joint CEO of Fintel, expressed enthusiasm about the acquisition: “We are delighted to welcome the talented team and prestigious client base of Threesixty to the Fintel family. With a shared commitment to promoting the value of professional financial advice, we believe this deal will further expand the choice of quality services in this vital sector.”

Stevens added, “We are confident we can enhance services for Threesixty clients through joint investment in technology and will explore opportunities to leverage our wider technology and data platform over time. Our intention is to grow the strong brand and quality services of Threesixty with the full support of the existing leadership, who will remain with the business to see it develop in the future.”

The acquisition of Threesixty Services adds to Fintel’s growing portfolio, which now includes AKG, VouchedFor, Competent Adviser, Micap, Synaptic, Owen James, and ifaDASH.

Source: businesscloud.co.uk

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