Augmentum Fintech delays reporting of interim results due to uncertainty over Zopa

By John Reynolds on Tuesday 26 November 2019

Alternative LendingDigital BankingSavings and Investment

The venture capital investment trust said it will now report results in December.

  Augmentum Fintech delays reporting of interim results due to uncertainty over Zopa
Image source: Image provided by Pixabay

Augmentum Fintech has delayed the publication of its interim results, citing uncertainty of the value of its holding in peer-to-peer lender Zopa.

The financial results were due to be published today (November 26) but have been pushed back to early December, the venture capital investment trust said in a statement.

Zopa is reported to be looking to raise £100m to launch its bank. Zopa was granted a banking licence in December last year, with restrictions.

It needs to raise the funds before December 3 as it looks to meet regulatory requirements.

Augmentum Fintech said: "The board understands Zopa is pursuing various options around the potential launch of the bank and, as such, the board has decided to postpone the finalisation of the interim results to early December 2019 when there is expected to be greater clarity over the valuations of the company's holding in Zopa."

Augmentum Fintech said, excluding Zopa, there will be an uplift of approximately £10.6m on the £128m adjusted net asset values of its other investments.

Zopa is one of Augmentum Fintech's largest holdings, which also includes Interactive Investor and challenger bank Tide.

Augmentum Fintech is the first publicly listed fintech fund in the UK.

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