€13.8m market cap
€0.98 last close
MyBucks is a Luxembourg fintech company listed in Frankfurt. It provides unsecured loans, banking solutions and insurance to consumers and SMEs in 11 African and two European countries and Australia. It uses AI technology to assess creditworthiness and is fully integrated with local banking systems.
On 26 March, MyBucks (MBC) announced a recapitalisation proposal aimed at strengthening its balance sheet, which is urgently required given the current high level of gearing and negative equity at the parent entity level. The recapitalisation will be entirely non-cash and MBC will require bridge financing until it issues new shares against cash. Simultaneously, Dave van Niekerk agreed to retire from the CEO position and was replaced by Timothy Nuy, MBC’s former CEO. In response to the release, MBC’s share price suffered considerable losses (currently at €1.22 vs €3.56 at close on 25 March).