Originally Dutch, Tim Nuy, the executive director of the fast-growing African FinTech company MyBucks, has been working in Africa for almost six years now. Prior to joining the MyBucks Board in early 2015, he was Investment Director for ADC African Development Corporation, a German-listed Pan-African banking group, and facilitated its sale to Bob Diamond’s Atlas Mara in 2014. Before that, he has worked as a restructuring consultant with KPMG in Germany. Here Tim talks to Finance Monthly about MyBucks’ great leap forward and the impact that being listed on the Frankfurt Stock Exchange will have on the thriving company’s future.
MyBucks has been listed on the Entry Standard segment of the Frankfurt Stock Exchange since 23 June 2016 – can you tell us a bit more about it?
We have a strong vision of becoming the private bank of the underserved, and in order to pursue banking licenses in our African operations, it was a strategic imperative that we enhance our profile through a listing on a renowned, international stock exchange. The development of our share price since listing on the 23rd of June certainly validates the decision we took in choosing the Frankfurt Stock Exchange.
MyBucks is the first African-focused FinTech company to be listed on the Frankfurt Stock Exchange – what does this mean for the company?
We are a company that has a strong culture of firsts. We were the first online lenders in Africa, and have since continued to be an innovator in all our markets. So to now be the first African FinTech to list its shares really speaks to our culture, and we are confident that this listing will provide a strong basis for future growth.
How is being listed on the Frankfurt Stock Exchange going to affect the company’s growth and plans for the future?
Our listing will open doors that might have otherwise been closed, both in terms of strategy, such as the ability to gain banking licenses, as well as the ability to attract funding. The overwhelming interest and support of our story and our plans demonstrates the potential of this company, which has further fuelled our confidence in our ability to execute our strategy across the continent.
Were there any challenges or unique points to concluding the process of getting listed?
Being the “new animal” on the block, meant that we were thoroughly scrutinised by all parties involved. Despite undergoing a significant amount of due diligence, there was never any doubt in our minds that we would be successful. It’s been hard work, but our successful delivery is a testament to the quality and the commitment of our team and advisors.
Is there anything else you would like to add?
Watch this space. We are certain that due to the rapid pace and evolution of our market, you will frequently hear interesting news about us over the coming months.