- Xigem Technologies (XIGM) is set to enter the fintech space after signing an LOI to acquire FOOi, a peer-to-peer payment provider
- FOOi facilitates peer-to-peer and peer-to-business mobile payments within minutes
- The company is contemplating the purchase of substantially all of FOOi’s assets for C$500,000 in common shares priced at C$0.40 per share
- The mobile payment market was valued at US$1.48 trillion in 2019 and is projected to exceed US$12 trillion by 2027
- Xigem operates as a SaaS technology platform for the emerging remote economy
- Xigem Technologies (XIGM) is up by 4.76 per cent and is currently trading at $0.44 per share
Xigem Technologies (XIGM) is set to enter the fintech space after signing an LOI to acquire FOOi, a peer-to-peer payment provider.
The company is contemplating the purchase of substantially all of FOOi’s assets for C$500,000 in common shares priced at C$0.40 per share.
Xigem’s primary interest is in FOOi’s commercialized, software-as-a-service, cloud-based payment application.
Once integrated with iAgent, Xigem’s platform technology, the company expects FOOi to complete its circle of functionality and enhance customer relationship management efficacy.
The mobile payment market was valued at US$1.48 trillion in 2019 and is projected to exceed US$12 trillion by 2027, according to Allied Market Research.
The vendor has agreed to use any proceeds from the sale of the consideration shares to purchase a secured, interest-bearing note from Baron Auto Group.
Baron Auto Group is a non-prime lender in the Canadian automobile market in talks to adopt Xigem’s iAgent technology.
Brian Kalish, co-founder and CEO of Xigem, commented,
“FOOi is designed for today’s rapidly-emerging cashless society where consumers are increasingly demanding the completion of transactions remotely. This is our second recent acquisition announcement, consistent with our strategy of aggregating a portfolio of innovative technologies capable of enabling the growing trillion-dollar remote economy while ideally complementing our iAgent platform.”
FOOi facilitates peer-to-peer and peer-to-business mobile digital payments. To be available on iOS and Android, its app allows users to complete transactions within minutes.
Xigem operates as a SaaS technology platform for the emerging remote economy.
Xigem Technologies (XIGM) is up by 4.76 per cent and is currently trading at $0.44 per share as of 10:58 am ET.
