TAP Tap Global Group Plc

 
TIDMTAP 
 
10 January 2023 
 
                             Tap Global Group Plc 
                           ("Tap" or the "Company") 
 
                         Admission to Trading on AQSE 
 
                                       & 
 
                             First Day of Dealings 
 
Tap Global Group Plc (AQSE: TAP), the regulated crypto app that helps bridge 
the gap between traditional finance and blockchain technology by providing fiat 
banking and crypto settlement services, is pleased to announce the admission of 
its Ordinary Shares to trading on the Access Segment of the AQSE Growth Market 
("Admission"), having raised gross proceeds of £3.1 million by way of a 
subscription for 68,888,890 Ordinary Shares in the Company at a price of 4.5 
pence per share. 
 
The Company, previously named Quetzal Capital Plc ("Quetzal"), has listed on 
AQSE through its acquisition of Tap Global Limited via a reverse takeover. 
Dealings will commence at 8.00 a.m. today under the TIDM "TAP". 
 
Highlights: 
 
  * Acquisition of Tap Global Limited for £20.5 million 
      + Crypto-fiat exchange service provider with associated neo banking 
        platform 
      + First crypto FinTech company approved by Mastercard in Europe 
      + Proprietary AI technology delivering best prices in real-time 
      + Over 100,000 registered users, operating in 46+ countries 
      + Regulated by Gibraltar Financial Services Commission 
      + Insured cold storage of client holdings 
  * Subscription for new shares raising £3.1 million to support growth 
  * Proceeds will be used to increase marketing spend and drive international 
    expansion 
  * First crypto exchange service provider to list in UK 
 
John Taylor, Non-Executive Chairman, commented: 
 
"Tap is a dynamic, proven and revenue-generating business in a sector which we 
believe is capable of significant growth. With cryptocurrency and blockchain 
technology growing faster than any financial technology in history, I am 
excited to help Tap fulfil its potential of becoming a FinTech Super App, 
bridging the gap between traditional and digital finance. This listing is a 
meaningful step in delivering on that ambition and I look forward to working 
with Tap's founders, David and Arsen, as we build on the Company's 
extraordinary progress to date." 
 
David Carr, Chief Executive Officer, commented: 
 
"Tap has always been a pioneer in the crypto space. We were the first crypto 
FinTech approved by Mastercard in Europe, one of the first distributed ledger 
banking solutions to become fully regulated and provide crypto exchange 
services for businesses, and today became the first crypto exchange provider to 
list in the UK. 
 
Tap aims to scale quickly by attracting new users from other platforms, with 
customers looking for a fully regulated solution to take custody of their 
crypto accounts. This will be done through targeted marketing activity, 
primarily across Europe but in wider geographies too. 
 
Our decision to list now raised some eyebrows, particularly in the wake of the 
FTX fallout, but it is our focus on regulation and customer protection that 
sets us apart from less responsible operators. Like any emerging technology, 
cryptocurrency has seen its fair share of bad actors impacting market 
sentiment. However, as firms that have not shown proper care in safeguarding 
assets fall to one side, the market will mature, leaving fully regulated and 
responsible firms, such as Tap, well-positioned to succeed. Having grown to 
over 100,000 users with minimal marketing spend to date, I am excited by the 
opportunity to accelerate user growth." 
 
Background and Strategy 
 
Tap is an innovative and fully integrated provider of fiat banking and crypto 
settlement. 
 
A single regulatory registration provides Tap customers with access to several 
major crypto exchanges through the Tap App allowing them to purchase up to 26 
crypto assets and store them directly in the customer's wallet. The wallet can 
also store fiat currency denominated in Sterling, Euro and/or US Dollars. 
 
Tap offers full fiat banking for both B2B and B2C and crypto services to its 
customers. Through a single regulatory portal Tap customers can access several 
major crypto exchanges and, utilising Tap's proprietary Artificial Intelligence 
middleware, customers benefit from best execution and pricing in real time. 
This allows Tap to offer competitive pricing for trades and instant crypto or 
cash settlement. 
 
Tap provides named bank accounts denominated in Sterling and/or Euro to all its 
customers in the UK, EEA and EU through its banking partner, LHV. B2B and B2C 
customers can operate their Tap fiat bank account for ordinary business 
activities - such as paying suppliers and receiving monies in EUR and GBP, with 
more fiat currencies in development. All deposits in fiat or crypto can be made 
free of charge by the user. 
 
In addition, customers have the option to be issued a physical or virtual Tap 
Prepaid Mastercard on which purchases can be made. 
 
Following Admission, Tap is focusing on international expansion and 
accelerating user growth through targeted marketing efforts. In addition, Tap 
will expand the reach of its range of international partners to provide 
additional services including card issuance, banking facilities, debit card 
loading, client identification and anti-money laundering and compliance 
services. 
 
Board 
 
Tap's new Board of Directors (the "Board") will comprise co-founder David Carr 
as Chief Executive Officer and founder Arsen Torosian as Chief Strategy 
Officer. Additionally, Desmond Hellicar-Bowman, an experienced payments 
compliance specialist, has been appointed as a Non-Executive Director. John 
Taylor, Non-Executive Chairman, and Anthony Quirke, Finance Director, will 
continue in their roles which they held at Quetzal. Former Quetzal Director, 
Fungai Ndoro has resigned from the Board with effect from Admission. 
 
Further details regarding the new Board are set out in the Company's 
announcement of 16 December 2022 and can be found in the Company's Admission 
Document which was published on the same day. 
 
Admission of Shares and Subscription 
 
Today, 693,409,624 ordinary shares of 0.1 pence each ("Ordinary Shares") are 
being admitted to trading on the AQSE Growth Market, including the 68,888,890 
Ordinary Shares being issued in connection with Tap's subscription to raise £ 
3.1 million by way of a subscription at a price of 4.5 per share. 
 
Total Voting Rights 
 
For the purposes of the Financial Conduct Authority's Disclosure Guidance and 
Transparency Rules, the Company has 693,409,624 Ordinary Shares in issue. This 
figure of 693,409,624 Ordinary Shares may be used by shareholders in the 
Company as the denominator for the calculations by which they will determine if 
they are required to notify their interest in, or a change to their interest 
in, the share capital of the Company under the Financial Conduct Authority's 
Disclosure Guidance and Transparency Rules. 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
Enquiries: 
 
Tap Global Group Plc                           Via Vigo Consulting 
David Carr, Chief Executive Officer 
 
Peterhouse Capital Limited (AQSE Growth Market Tel: +44 (0)20 220 9795 
Corporate Adviser) 
Guy Miller / Narisha Ragoonanthun 
 
Vigo Consulting (Investor Relations)           Tel: +44 (0)20 7390 0230 
Ben Simons / Charlie Neish 
                                               tapglobal@vigoconsulting.com 
 
About Tap Global 
 
Tap is a fully regulated and fully integrated crypto-fiat exchange service 
provider with an associated neo banking platform. 
 
Through a single regulatory portal, Tap's over 100,000 users can access several 
major crypto exchanges and, utilising Tap's proprietary Artificial Intelligence 
middleware, customers benefit from best-execution and pricing in real time. 
Through the Tap card, users can also spend their crypto at more than 40 
millions merchants worldwide. 
 
Founded in 2018, Tap is one of only a handful of unified banking solutions 
operators fully regulated to provide distributed ledger technology services and 
was the first crypto FinTech company approved by Mastercard in Europe. 
 
For more information, visit www.tap.global. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

January 10, 2023 02:00 ET (07:00 GMT)

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