Finseta Signs Amir Mehrad Affiliate Deal, Raises £1.57M

Finseta plc (LON: FIN) announced on Nov. 6 that its wholly owned subsidiary, Finseta Payment Solutions Limited, has entered into an affiliate agreement with Amir Mehrad. Mehrad will introduce prospective customers to the group for international payments and currency exchange products, which Finseta believes will add incremental revenue and accelerate its sales growth.

Alongside the commercial agreement, Finseta conditionally raised aggregate gross proceeds of roughly £1.57 million. Homa Holdings Ltd, an entity incorporated in the Abu Dhabi Global Market and wholly owned by Mehrad, contributed approximately £1.47 million as a new strategic investor. The fundraising consists of a firm subscription for new ordinary shares of one penny each by Homa and Joshua James Clarke, alongside zero-coupon convertible loan notes issued to Homa.

The company also announced the proposed conversion of the full £1.8 million principal amount of 8.5 percent unsecured loan notes held by Chief Commercial Officer Robert O'Brien. That balance will convert into new ordinary shares and non-voting deferred shares.

Mehrad founded Effective FX Limited in 2012 as a boutique foreign exchange and international payments specialist, serving as its sole shareholder and chief executive officer. He operated the firm in the UK corporate sector before completing an asset sale of its international payments business to Equals Group plc.