Fast Finance 24 Holding AG announced today that 76.3% of the shareholders of Standard Vape Corporation had voted to acquire two subsidiaries of FF24 Holding AG. The consummation of the transaction with Fast Finance 24 Holding AG (“FF24 Holding”) is pending the registering changes of ownership of the two German companies’ shares with the administrative court (“Amtsgericht”) in Germany, which is expected to take in the region of two weeks. The two subsidiaries of FF24 Holding are both private companies with limited liability organized under German law and active in the FinTech space: FF24 Merchant Services GmbH (“ff24payments.com”) and FF24 Ventures GmbH (“ff24pay.com”).
The Company intends, following the consummation of the transaction, to announce a change of name, better to reflect its new business direction. Mr. John Fruhmann and Dr. M. Ehrlich shall resign from the Board of SVAP and Mr. Andreas Garke, chief executive officer and co-founder of FF24 Holding, shall be appointed the new President with Mr. Armin Dartsch, Chairman of the Supervisory Board of FF24 Holding, the Director and Company Secretary.
About FF24 Holding:
FF24 Holding is a public company based in Berlin, Germany with its registered address at Uhlandstrasse 165/166, Berlin 10719, Germany. FF24 Holding primarily invests in European Internet companies. Typically, FF24 focuses on the financial technology, marketing, communications and IT segments.
ff24payments.com offers innovative collection and payment processing services solutions, including for one-time purchases and recurrent subscriptions, for large and small on-line merchants and for operators of the expanding range of websites which derive revenue from the “freemium” subscription model.
“Making banking instant and mobile“
ff24pay.com provides consumer banking and instant money transfer solutions across a broad spectrum of the world’s major convertible currencies. The initial target consumer groups for ff24pay.com are individuals and SMEs that use as their base currencies either the Euro (EUR; €) or the pound Sterling (GBP; £). The combined population of the 19 Eurozone countries which use EUR is 340 million and GBP is the everyday unit of account for 67 million people.
In ff24pay.com’s target geographies, easily accessible Apps for Android and iPhone are currently downloadable from mobile subscribers’ App stores; desktop and laptop versions of the Apps that may better meet the needs of SME business users are also downloadable.