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2025-03-24 13:27:35
24.3.2025 13:27:31 CET | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state
Huddlestock Fintech AS ("Huddlestock" or the "Company") through its German
subsidiary Huddlestock GmbH, has today signed an agreement with GIGA Broker GmbH
("GIGA Broker"), a sister company of AVL Finanzvermittlung GmbH ("AVL") and both
wholly owned subsidiaries of AVL Group Holding, to support the introduction of a
new digital trading and investment solution in Germany under the GIGA Broker
brand. For Huddlestock the agreement marks an accelerated market entry into
Germany, in cooperation with the local fintech partner Tradevest Digital Assets
GmbH ("Tradevest"), a market where the Company sees large potential to support
more trading and investment platforms through its local partner setup.
The agreement relates to the Letter of Intent with AVL disclosed on 9 January
2024, the cooperation agreement with Tradevest disclosed 9 September 2024 and
updates in quarterly investor reporting.
"After months of planning, preparations and negotiations, we are very pleased to
finally announce our expansion into Germany. We look forward to embarking on
this project together - developing GIGA Broker for the German market and support
in onboarding AVLs existing customers to the platform," says Leif Arnold Thomas,
CEO of Huddlestock. "This agreement marks a significant step forward in our
three-pillar strategy of expanding across our three business areas through
strong partnerships, and the first step to unlock the German market potential."
GIGA Broker will enable securities trading such as stocks, ETFs, derivatives,
cryptocurrencies and other financial instruments, which will appeal to customers
in German-speaking countries. The trading and investment platform will be
developed and launched in collaboration with AVL, which has successfully
brokered products with an investment approach since the company was founded in
1997. Today, AVL is one of the leading financial brokers in the discount segment
with more than 65,000 end customers and assets under administration of more than
EUR 2.5 billion. The customers will be onboard to the new GIGA Broker platform,
starting in the second half of 2025.
"As one of the most progressive and successful providers of investment services
in Germany, we are very keen to expand our offering and reach new target groups.
We want to establish a new broker in Germany that sets standards, both in terms
of the user interface and the technological setup. To realize this, Huddlestock
and their best-in-class ecosystem is an excellent partner," says Simon Lange,
Managing Director of GIGA Broker GmbH and Co-CEO of AVL.
GIGA Broker GmbH will be responsible for the offering, pricing, customer
acquisition and support, while Huddlestock will provide the necessary liability
umbrella and, in cooperation with local banking and technology partners,
front-end, back-office and custody services similar to its Nordic
Investment-as-a-Service offering. Revenue to Huddlestock will develop with
assets under management (AUM) and trading frequency on top of a fixed monthly
retainer, as the GIGA Broker platform onboards end-customers which is expected
to start in the second half of 2025.
Huddlestock operates in a self-reinforced growth market defined by more
investors, evolving preferences, and more investment platforms. AVL's venture,
targeting new customers through the planned launch of its new platform GIGA
Broker, underscores these market dynamics and the value potential of
Huddlestock's three-pillar strategy across its three distinct business areas:
Investment-as-a-Service in the Nordics, German expansion with partners, and
Consulting (Visigon).
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* Leif Arnold Thomas, Chief Executive Officer, Huddlestock Fintech AS, +47 982
15 520, leif.thomas@huddlestock.com
ABOUT HUDDLESTOCK FINTECH AS
Huddlestock is an innovative technology software provider through its
Investment-as-a-service offering, with full operational service support and a
leading financial Consultancy services business. We deliver innovative and
sustainable technology and operational solutions to companies offering financial
products and services.
Find out more at huddlestock.com - https://www.huddlestock.com/
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/18467248/5849/Download%20announce
ment%20as%20PDF.pdf