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Fobi AI - CEO, Rob Anson.
CEO, Rob Anson.
Source: Fobi AI.
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  • Fobi AI (FOBI) has announced that it will acquire PassWallet for a total of €888,000
  • Having recently reached 6 million downloads, Fobi expects this acquisition to drive further growth
  • PassWallet works with other leading Wallet pass companies and supports more than 150 countries where Google Pay is not supported
  • Fobi is a cutting-edge data intelligence company that helps clients turn real-time data into actionable insights and personalized customer engagement
  • Fobi AI Inc. (FOBI) is currently down 0.33 per cent, trading at $3.03 per share

Fobi AI (FOBI) has announced that it will acquire PassWallet for a total of €888,000.

The payment will consist of €355,200 paid in cash and €532,800 in common shares of Fobi, converted into Canadian funds using the Bank of Canada exchange rate for the month of September.

“This acquisition of PassWallet positions Fobi as an up and coming leader in the digital wallet space,” remarked Fobi CEO Rob Anson.

“The company has made great strides this year and this key strategic development positions us extremely well […] with over 6 million downloads currently,” he added.

Fobi’s management team expects the company’s download rates to continue to grow, especially as it partners with the growing wallet pass industry leader.

PassWallet works with other leading Wallet pass companies and supports more than 150 countries where Google Pay is not supported.

Because it targets a market not yet reached by Google Pay, said Mr. Anson, “management anticipates that with this acquisition Fobi is now well positioned to expand into the FinTech space.”

A recent report from Research Dive estimates that the global mobile wallet market will grow from $11 billion in 2020 to $46 billion by 2028.

“PassWallet will be complementary to many of Fobi’s existing services and will significantly enhance our ability to drive even more engagement with consumers,” said Fobi SVP of Corporate Strategy and Corporate Development Richard Lee.

The closing of this acquisition is subject to the approval of the TSX Venture Exchange.

Fobi is a cutting-edge data intelligence company that helps clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits.

Fobi AI Inc. (FOBI) is currently down 0.33 per cent, trading at $3.03 per share as of 1:42 pm ET.

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