• @Dee_FBX & Spark will be attending the blockchain event in Lagos September 9th
•Finance Blocks platform will begin to officially integrate Knightsbridge products (forex, wallets, remittance, & asset management)
• Investor letters have been distributed to all seed investors
•Unveiling the new FBX logo next week!
•ProBit campaigns will be announced Sunday!
Backed by cutting-edge technology, Finance Blocks provides a suit of products to rural financial institutions and banks. This enables them to provide seamless financial offerings to rural populations. The platform connects seamlessly with national identity systems and extends a secure repository for user identification data on the blockchain. Finance Blocks is driven to eradicate deep-rooted financial bottlenecks in order to grant uncomplicated credit access, institutional transparency and financial cohesiveness.
The Board of Directors of Finance Blocks, Inc has unanimously voted through the proposed acquisition by Knightsbridge Inc, A Thailand based investment firm. This transaction represents a unique opportunity to create a stronger Finance Blocks and deliver significant value for all investors and shareholders. The combined company will be stronger today, and better positioned for sustainable long-term growth. Knightsbridge Inc has long been one of the world’s leading global asset management companies whose mission is to discover, develop and deliver innovative technologies that help create solutions in microfinance and institutional infrastructure. We believe this transaction is the best option to advance the long term success of FBX, and to continue to deliver innovative technologies to our institutional partners as a means to create long-term value for our fellow shareholders. In addition to the acquisition we will be terminating our capital commitment with Global Emerging Markets (GEM Digital: A Bahamas based digital assets investment firm).
Finance Blocks new strategy will be focused on creating some of the leading technologies in the world of institutional finance from both internally developed and externally acquired sources. Leveraging our strong capabilities, we have begun to create a new roadmap that includes the immediate expansion into South Asia (Laos, Vietnam, Cambodia, Malaysia) as well as Africa (Zimbabwe, Uganda, Kenya, Botswana, & Nigeria) regions that each currently drive over 600 million in annual remittance transfers, including four of the 10 largest remittance and underserved economies according to a 2022 study. By successfully executing this strategy, we will onboard 1+ million users by the end of 2023 & create one of the most successful microfinance and operational digital solutions. The acquisition of Finance Blocks takes the Company to its next chapter in a way that is fully aligned with this strategic foundation.
As part of our annual comprehensive strategic review process focused on sustaining long-term growth, Finance Blocks core team evaluated a full range of business development opportunities. The process was overseen by a Board composed of directors with substantial operating experience, microfinancial acumen, and blockchain development expertise. Having reviewed a full range of opportunities from small collaborations to transformational combinations, we identified Knightsbridge as by far the most compelling opportunity for Finance Blocks and its shareholders, given its strategic fit. The timing of the transaction was also favorable both in the near-term, as we were able to secure immediate funding for hypergrowth, and for the long term, as Finance Blocks will be strengthened and diversified in an increasingly competitive environment. In short, the Board firmly believes that the Finance Blocks acquisition by Knightsbridge is the right transaction at the right time for our shareholders.