STM shares sold: The future is fintech
In order to focus on developing and expanding deVere’s growing fintech business, I made the decision to end my investment with London-listed product provider, STM.
It was back in 2012 when I acquired a 24 per cent stake in STM, and three years later I renounced the majority stake, selling over 6.7 million shares at a time when the price was on the up.
I have since recently sold my last remaining 2 per cent shares in the product specialist.
As I was quoted by International Investment, International Adviser and Fintech Finance, amongst others, my investment with STM was always intended to be short-term. The aim was to assist the company in providing the necessary funds to grow, to enable clients to benefit from a high-level product provider, which boasts optimum business and customer services practices.
Indeed, STM is going from strength to strength, increasing its solid position within the sector. As such, my investment objectives with STM have now been met.
Consequently, selling my last remaining shares with STM has released resources to enable us to direct our attentions to the development and progression of our ever-growing fintech business.
Since deVere’s challenger bank, deVere Vault launched in April this year, there has been immense interest on an international scale. We fully anticipate this level of interest in the e-money app to continue to escalate. So much so that over 40,000 people are expected to have downloaded deVere Vault by the end of this year, according to forecasts revealed in June.
As a result, we made the strategic decision to strongly develop our flourishing fintech business throughout 2017 and the coming years as a fundamental priority.
Indeed, we are concentrating on major expansion in the global fintech sector, introducing new services and additional products. Therefore, we are allocating further resources to this section of our organisation.
We are very much looking forward to developing the fintech part of our business, as there is huge potential for growth there. At the same time, we will be actively and energetically expanding deVere’s main financial advisory business during this year and beyond.