Budapest, 17 November 2021 – OXO Technologies Holding invests together with its angel investors EUR 1 million into iconicchain OY, a Finnish fintech company active in banking compliance automation solutions.
OXO Technologies Holding a tech investor listed on the Budapest Stock Exchane Xtend market expands its fintech portfolio with a new investment into iconicchain OY. The funding provided in the current investment round is EUR 1 million, of which EUR 700 thousand is covered by OXO Technologies and a further EUR 300 thousand is invested by its joining angel investors.
Iconicchain Oy has a compliance automation solution, which digitizes the compliance processes of the financial sector based on blockchain technology. Their two main products are iconIQ (or iconicSecurities specialized for securities) and iconicChainServer. IconicSecurities automates the entire lifecycle of asset-backed securities, continuously evaluates, reports, and executes regulatory compliance, and also shares the extracted data and valuation both with authorities and investors, creating a complex compliance system for clients. IconicChainServer is a blockchain- based automation algorithm that can install, upgrade, and configure blockchain-based solutions in as little as a few minutes.
Significant German and Austrian banks and banking groups, such as the Tyrolean-based Bank für Tirol und Vorarlberg, have already voted in favour of their state of the art solution. Futhermore, their clients include regulatory authorities as well, most recently they have successfully won a tender announced by the Hungarian National Bank.
Net sales revenue of iconicchain OY in 2020 was EUR 452,000 with a positive EBITDA of EUR 183,000 and a profit of EUR 138,000, and at the time of signing the investment agreement, revenue accounted for this year was already EUR 472,000. In addition, further revenues already contracted amount to an additional € 1.115 million, of which € 885,000 will come from new customers and € 230,000 from support fees from existing customers. The current investment will be used for further international expansion: they plan to enter the British market soon and aim to increase their presence in the German market.
With the execution of the investment, OXO Technologies Holding has further expanded its portfolio of fintech companies, which are primarily focusing on serving European markets and key European banking groups.