Monaker Group (MKGI) Receives Formal Approval to Acquire 57.6% Stake in International Financial Enterprise Ban
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Monaker Group (NASDAQ: MKGI) (the “Company”), a technology solutions company building a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, reported today that it has received the required formal regulatory approval from the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) to proceed with its previously announced acquisition of 57.6 percent of International Financial Enterprise Bank (IFEB), a global financial institution headquartered in San Juan, Puerto Rico.
The approval will allow Monaker to take control of IFEB, including the ability for Monaker to acquire 100% ownership of the bank without additional OCIF review in the future, if terms can be reached with the minority owners. Additionally, Monaker has been granted approval to change the name of the Bank to Next Bank International. The closing of the acquisition remains subject to customary closing conditions and the formal transfer of the shares of IFEB to Monaker; however, the full purchase price for such shares, $6.5 million, has previously been paid.
IFEB will bring to Monaker a full range of fintech solutions, including concierge banking, online and mobile banking, credit cards, deposit and loans and escrow services. The bank’s charter and fintech technology allows it to conduct business and serve customers anywhere in the world. Its mobile app is available to download for free from the Apple App Store or Google Play.
The acquisition of IFEB will complement Monaker’s recently acquired stake in the Longroot initial coin offering (ICO) portal.
“IFEB expands Longroot’s capabilities from a one-dimensional ICO portal to potentially include access to cryptocurrency exchanges, online payments, digital wallet and mobile banking capabilities supporting Longroot’s ICO portal with IFEB fintech banking solutions,” commented Monaker CEO, Bill Kerby, who continued, “Additionally, we believe this acquisition should strengthen our other business segments by providing unencumbered and dynamic access to merchant services for gaming, in-game advertising and travel.”
By integrating IFEB and Longroot into its digital ecosystem, Monaker expects to benefit from the rapidly expanding global cryptocurrency and digital asset market that according to a May 2020 report from Reportlinker is projected to grow at a 67.3% CAGR from $3 billion in 2020 to $39.7 billion by 2025.
Closing of the 57.6% IFEB purchase is expected to be completed this month. Additional information about the IFEB acquisition is available in Monaker Group’s Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission and available at www.sec.gov.
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