The price that 24SevenOffice pays for the stock is half of what Optin Bank was valued for last year. This is, allegedly, a discount for 24SevenOffice’s customer portfolio. We have, however, seen a trend for the last year where Fintech startups have to lower their valuations.
As an example the neobank Monzo, had to accept 40% lower valuation on their funding round in June. On Norwegian ground, Auka – which goal is to be the largest European payment network, had plans of getting 130 million NOK in extra funding this spring. Due to the pandemic, they had to settle for 10 million NOK
, but are still planning to get more funding to expand in Europe this autumn. It will be interesting to see if they also need to accept a lower valuation.
Disclaimer: Stacc has helped ZTL develop their solution.