The GSTechnologies Ltd (LON: GST) share price traded flat despite releasing its audited financial results for the year ended 31 March 2023. Some of the report’s highlights included the acquisition of Angra Limited in February 2022, a UK-based foreign exchange and payment services company.
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The fintech company also highlighted the completion of the acquisition of UAB Glindala (Glindala), a holder of a Crypto Currency Exchange Licence registered in Lithuania, in August 2022, which allowed it to offer crypto exchange services.
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GSTechnologies also noted the completion of the disposal of EMS Wiring Systems Pte Ltd (EMS), a non-core loss-making business, to a member of its management team, in September 2022. The company also initiated the soft launch of the GS20 Exchange.
The fintech company recorded a loss of US$1,628,000 for the year compared to the US$1,430,000 loss in 2022. The company attributed its higher losses to its investments in developing its GS Money Solutions and an accumulated loss from EMS Wiring before its sale.
The firm revealed that it had US$4,252,000 in cash and cash equivalents as of 31 March 2023, compared to US$5,104,000 in a similar period last year. After the period ended, GSTechnologies was admitted to the UK Financial Conduct Authority (FCA) Innovation Pathway Programme to help progress its GS Money Stablecoin plans.
The company also entered into a legally-binding sale and purchase agreement (SPA) on 20 July 2023 to acquire the entire issued share capital of PAYPT Finance Ltd, a Canadian company holding a Canadian Money Services Business (MSB) license.
GSTechnologies focus since 2021 has been on the ‘GS Fintech’ subsidiaries in the UK and Singapore and the Company’s expansion into blockchain-related technologies applied to the financial services sector, specifically, its plans to launch a borderless neobanking platform providing next-generation digital money solutions.
Angra, which operates under the AngraFX brand name, was acquired in March 2022 and was a consolidated subsidiary for the entire year. Angra is an established FCA-approved Authorised Payment Institution (API), executing fast, secure, and low-cost foreign exchange business and payment services internationally, the first pillar of GS Money.
*This is not investment advice.
GSTechnologies (GST) share price.
The GSTechnologies share price was trading flat for the day despite releasing its full-year results.
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