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Crypto exchange Tap Global raises £3.1 million from Aquis Exchange listing

Source: Tap Global

Tap Global Group Plc (AQSE: TAP), the regulated crypto app that helps bridge the gap between traditional finance and blockchain technology by providing fiat banking and crypto settlement services, is pleased to announce the admission of its Ordinary Shares to trading on the Access Segment of the AQSE Growth Market (“Admission”), having raised gross proceeds of £3.1 million by way of a subscription for 68,888,890 Ordinary Shares in the Company at a price of 4.5 pence per share.

The Company, previously named Quetzal Capital Plc (“Quetzal”), has listed on AQSE through its acquisition of Tap Global Limited via a reverse takeover. Dealings will commence at 8.00 a.m. today under the TIDM “TAP”.

• Acquisition of Tap Global Limited for £20.5 million
o Crypto-fiat exchange service provider with associated neo banking platform
o First crypto FinTech company approved by Mastercard in Europe
o Proprietary AI technology delivering best prices in real-time
o Over 100,000 registered users, operating in 46+ countries
o Regulated by Gibraltar Financial Services Commission
o Insured cold storage of client holdings
• Subscription for new shares raising £3.1 million to support growth
• Proceeds will be used to increase marketing spend and drive international expansion
• First crypto exchange service provider to list in UK

John Taylor, Non-Executive Chairman, commented:
“Tap is a dynamic, proven and revenue-generating business in a sector which we believe is capable of significant growth. With cryptocurrency and blockchain technology growing faster than any financial technology in history, I am excited to help Tap fulfil its potential of becoming a FinTech Super App, bridging the gap between traditional and digital finance. This listing is a meaningful step in delivering on that ambition and I look forward to working with Tap’s founders, David and Arsen, as we build on the Company’s extraordinary progress to date.”

David Carr, Chief Executive Officer, commented:
“Tap has always been a pioneer in the crypto space. We were the first crypto FinTech approved by Mastercard in Europe, one of the first distributed ledger banking solutions to become fully regulated and provide crypto exchange services for businesses, and today became the first crypto exchange provider to list in the UK.

Tap aims to scale quickly by attracting new users from other platforms, with customers looking for a fully regulated solution to take custody of their crypto accounts. This will be done through targeted marketing activity, primarily across Europe but in wider geographies too.

Our decision to list now raised some eyebrows, particularly in the wake of the FTX fallout, but it is our focus on regulation and customer protection that sets us apart from less responsible operators. Like any emerging technology, cryptocurrency has seen its fair share of bad actors impacting market sentiment. However, as firms that have not shown proper care in safeguarding assets fall to one side, the market will mature, leaving fully regulated and responsible firms, such as Tap, well-positioned to succeed. Having grown to over 100,000 users with minimal marketing spend to date, I am excited by the opportunity to accelerate user growth.”

Background and Strategy
Tap is an innovative and fully integrated provider of fiat banking and crypto settlement.
A single regulatory registration provides Tap customers with access to several major crypto exchanges through the Tap App allowing them to purchase up to 26 crypto assets and store them directly in the customer’s wallet. The wallet can also store fiat currency denominated in Sterling, Euro and/or US Dollars.

Tap offers full fiat banking for both B2B and B2C and crypto services to its customers. Through a single regulatory portal Tap customers can access several major crypto exchanges and, utilising Tap’s proprietary Artificial Intelligence middleware, customers benefit from best execution and pricing in real time. This allows Tap to offer competitive pricing for trades and instant crypto or cash settlement.

Tap provides named bank accounts denominated in Sterling and/or Euro to all its customers in the UK, EEA and EU through its banking partner, LHV. B2B and B2C customers can operate their Tap fiat bank account for ordinary business activities - such as paying suppliers and receiving monies in EUR and GBP, with more fiat currencies in development. All deposits in fiat or crypto can be made free of charge by the user.

In addition, customers have the option to be issued a physical or virtual Tap Prepaid Mastercard on which purchases can be made.

Following Admission, Tap is focusing on international expansion and accelerating user growth through targeted marketing efforts. In addition, Tap will expand the reach of its range of international partners to provide additional services including card issuance, banking facilities, debit card loading, client identification and anti-money laundering and compliance services.

Tap’s new Board of Directors (the “Board”) will comprise co-founder David Carr as Chief Executive Officer and founder Arsen Torosian as Chief Strategy Officer. Additionally, Desmond Hellicar-Bowman, an experienced payments compliance specialist, has been appointed as a Non-Executive Director. John Taylor, Non-Executive Chairman, and Anthony Quirke, Finance Director, will continue in their roles which they held at Quetzal. Former Quetzal Director, Fungai Ndoro has resigned from the Board with effect from Admission.

Further details regarding the new Board are set out in the Company’s announcement of 16 December 2022 and can be found in the Company’s Admission Document which was published on the same day.

Admission of Shares and Subscription
Today, 693,409,624 ordinary shares of 0.1 pence each (“Ordinary Shares”) are being admitted to trading on the AQSE Growth Market, including the 68,888,890 Ordinary Shares being issued in connection with Tap’s subscription to raise £3.1 million by way of a subscription at a price of 4.5 per share.

Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the Company has 693,409,624 Ordinary Shares in issue. This figure of 693,409,624 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The Directors of the Company accept responsibility for the contents of this announcement.

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