Heliad AG
Original-Research: FinLab AG (von GBC AG): –

Original-Research: FinLab AG – von GBC AG

Einstufung von GBC AG zu FinLab AG

Unternehmen: FinLab AG
ISIN: DE0001218063

Anlass der Studie: GBC Management Interview
Empfehlung: –
Kursziel: –
Kursziel auf Sicht von: –
Letzte Ratingänderung:
Analyst: Cosmin Filker

As an investment company with a focus on fintech business models, FinLab
has built up a comprehensive and at the same time promising investment
portfolio in recent financial years. The company now has a significant
stake in a total of eight fintech companies, including Deposit Solutions,
nextmarkets, and kapilendo. After the last investment in awamo GmbH, a
provider of SaaS core banking solutions, FinLab AG made a new seven-digit
investment in CASHLINK Technologies GmbH. GBC analyst Cosmin Filker spoke
with FinLab Management Board member Juan Rodriguez about the new investment
and the firm’s corporate development:

GBC AG: With the new investment in CASHLINK Technologies GmbH, you
particularly want to promote the digitisation of processes in the area of
start-up financing. Which products are in the focus here?

Juan Rodriguez: With the new platform for tradable start-up shares,
stokera, CASH-LINK is digitising the start-up investment process.
Traditionally, startups raise capital in financing rounds, which require
high transaction costs. With stokera, they now can raise capital when they
need it and save resources that they can put into developing their
products. The platform is also of interest for professional investors:
While investments in start-ups were previously mostly illiquid and
inflexible, the stokera platform enables start-up shares to be transferred
simply and cost-effectively. As such, stokera achieves more flexibility for
professional investors and facilitates both the investment process and the
secure transferability of the shares.

GBC AG: What is the advantage of using a blockchain in the financing
process and do legal requirements need to be implemented here?

Juan Rodriguez: In the financing process, blockchain offers significant
advantages both in terms of the business and on a technical level. On the
one hand, transfering shares via the blockchain is much cheaper, easier and
faster than via traditional methods. On the other hand, blockchain
technologies enable greater transparency and security than do traditional
databases. Under current German regulations, startup shares are treated as
securities; therefore in this case, regulation is technology neutral.

GBC AG: Is stokera planning an ICO (Initial Coin Offering)?

Juan Rodriguez: At stokera, Security Token Offerings (STOs) are made
possible: STOs differ significantly from an ICO in several ways. For one
thing, stokera issues a different kind of token. In the case of an ICO,
so-called utility tokens are issued. This type of token is similar to a
coupon, and does not represent shares in a company. While ICOs are mainly
aimed at private investors, stokera is aimed exclusively at qualified
investors (e.g., business angels or VC funds). This new form of funding,
Security Token Offering (‘STO’), is not crowdfunding.

GBC AG: Is there a timeline for stokera’s launch and how highly do you rate
stokera’s potential?

Juan Rodriguez: Start-ups will already be able to tokenise their shares
with stokera in the coming year and thus be able to transfer them with
flexibility. Many asset classes, such as start-up shares, are currently
still completely undigitised. Blockchain technology offers a huge
opportunity to digitise these asset classes, making them more flexible and
cost-effective. With our investment in CASHLINK, we are investing in a
fast-growing market. The market for the tokenisation and digitisation of
assets with the help of security tokens is projected to be in the trillions
of dollars.

GBC AG: In addition to the new investments, your existing investments have
also developed successfully this year. First and foremost, there is Deposit
Solutions GmbH, which was valued at USD 500 million in a recent round of
financing. At the time of its entry, it was valued at USD 20 million. What
are the main reasons for this extraordinary development?

Juan Rodriguez: Several factors come into play here. In general, when we
first entered, we saw the USP in its unique “single-account model”, which
has a clear advantage over the competition for Deposit and strikes a chord
with investors. Then there is the team, which has been skillfully built up
by CEO, Dr. Tim Sievers, and consists of professionals in IT, sales and
other key functions. When we joined, there were about 20 employees, now
there are well over 200 top professionals.

GBC AG: In addition, your investment nextmarkets GmbH has gained approval
as a securities trading bank. What does this mean?

Juan Rodriguez: Having been approved as a securities trading bank,
nextmarkets started live trading with real money in the summer. What we see
now is superb: a) The trading volume and number of customers are growing
daily, b) benchmarked against competitors, we see significantly better KPIs
on relatively small volume, and c) nextmarkets’ Curated Investing Model
shows that customers who are guided/coached make better investments and
lose less money over time!

GBC AG: Together with Block.one, FinLab also founded a new fund with a
total capitalisation of USD 100 million. What is the current status?

Juan Rodriguez: We had our first closing in August 2018 and have since made
two investments. There is a lot in the pipeline and we will now gradually
make new investments. After successfully closing in August, we will now
receive management fees of 1.5% p.a., meaning this year we will show
turnover of a few hundred thousand euros, and from 2019, turnover of
approximately EUR 1 million annually.

GBC: Mr Rodriguez, thank you for speaking with us.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/17285.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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Datum (Zeitpunkt)Fertigstellung: 21.11.18 (10:03 Uhr)
Datum (Zeitpunkt) erste Weitergabe: 23.11.18 (09:30 Uhr)

——————-übermittelt durch die EQS Group AG.——————-


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