Fatfish Internet Group has almost doubled its share price since its US$250,000 investment in a UK-based fintech venture builder.
Global tech investor Fatfish Internet Group has almost doubled its share price since its US$250,000 (A$320,000) investment in a UK-based fintech venture builder.
The company is throwing its support behind Altairian Holdings, which is launching financial service businesses focused on regulated cryptocurrency space in the United Kingdom.
Since the deal was announced on Tuesday, Fatfish shares have surged from 5c to a 52-week high today of 9.4c.
Altairian will initially launch a UK Financial Conduct Authority (FCA) – regulated asset management company (AMC) focusing on cryptocurrencies and look to add further exposure with digital currencies based Robo-advisors and prime brokerage businesses.
Initially offering its services in the UK as an asset manager in accordance with FCA guidelines, the AMC will target professional investors seeking to invest in cryptocurrency and offer a range of funds.
Fatfish will also invest US$500,000 into the AMC’s flagship fund, the “Global Currencies Fund”. The deal places Fatfish at the forefront of UK-regulated cryptocurrency transactions between institutional investors.
The company’s founders are experienced UK-regulated financial service professionals with over 40 years Wall Street experience including Michael Collett, former head of global investment banking firm Jefferies, and ex Citigroup, Standard Chartered and Richard Chandler Corp executive James Harris.
Fatfish said the investment was consistent with its activities as an internet venture builder and fintech incubator with investments in the cryptocurrency technology space.
The company has been ambitiously growing its fintech and cryptocurrency business which includes a recent $1 million seed investment into cryptocurrency exchange start-up Kryptos-X.
Fatfish is also cashed-up having recently raised $5.4 million via an oversubscribed private placement earlier this month and has a current market cap of around $22 million.
Insyte Intelligence, which today released a research report on the company, believes Fatfish is undervalued, slapping a fair value of $34.8 million on the company which represents 58 percent upside from today’s prices.
Shares in Fatfish were last trading at 9.3c at 3pm AEDT.