September 20, 2021

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Swedish billionaire Erik Selin invests 104 million in Zwipe

Swedish billionaire Erik Selin invests 104 million in Zwipe

Swede Erik Selin and his company are investing 104 million Norwegian kroner in technology company Zwipe through a private placement of four million new shares, this was shown in an announcement on the stock exchange on Monday evening.

Thus, Selin and his company Erik Selin Fastigheter AB became one of the company’s largest shareholders.

Zweep wrote in the report that the investment will be used for further development, marketing and strategy.

Selin bought the shares at 26.10 NOK per share – no discount. According to the report, the council does not plan to solve the reform problem.

The board believes that Erik Selin Fastigheter AB is a strong, long-term investor, the board wrote in the stock exchange announcement.

Eric Selin, according to Forbes magazine, has a fortune of more than five billion dollars. He is a real estate developer and general manager of real estate firm Fastighets AB Balder.

– Selin took care of us through a recommendation from another great owner at Zwipe. Since then, we have worked closely with him to reach the agreement, says Zwipe President André Løvenstam in a comment to DN

During 2021, we entered into agreements with many global and regional payers, and demonstrated our technology to investors, partners and customers. He adds that we are seeing strong growing interest in Zwipe from all sides, as well as among professional/institutional investors.

He believes that Erik Selin’s investment in Zwipe is an acknowledgment that the company is well positioned to take a leading position in the global market where consumers want to secure contactless card payments regardless of the amount.

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– With our technology, the contactless card payment is authenticated with your fingerprint. It says all transactions are secure, without having to touch the payment terminal to enter the pin code.

Zwipe is a Norwegian technology company that develops fingerprint payment cards for contactless reading. Earlier this month, the company announced that it had launched a pilot program for contactless payment cards in Asia’s Levant region. The beta version will be launched for senior managers and key people in up to 20 banks.

“We are proud that our partner MEPS is among the global pioneers and the first in the MENA region to adopt Zwipe Pay ONE, which is paving the way for issuers to attempt to ultimately unleash good technology,” said Ramzy Sabbouri. MEGA region of Zwipe, in the message.

So far this year, Zwipe is up more than 31 percent on the exchange and has a market capitalization of NOK 828 million. (Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.