Fast Finance 24 Holding AG Announces Completion of Takeover of Two Wholly-Owned Subsidiaries, FF24 Merchant Services GmbH (ff24payments.com) and FF24 Ventures GmbH (ff24pay.com), by Standard Vape Corporation.
Fast Finance 24 Holding AG has announced the takeover of its two wholly-owned subsidiaries, FF24 Merchant Services GmbH and FF24 Ventures GmbH, by Standard Vape Corporation. Fast Finance 24 Holding AG is now the new majority shareholder, holding 90% of the voting rights.
The American entity will be renamed in the near future to better reflect the realignment of its activities in the fintech sector. Mr. John Fruhmann has resigned from his position as CEO of SVAP and will be succeeded by Mr. Andreas Garke. Ms. Elizabeth Kellogg Ehrlich and Mr. Daniel Fisher will be succeeded as new Director and Company Secretary by Mr. Armin Dartsch, Chairman of the Supervisory Board of Fast Finance 24 Holding AG. Mr. Sayed Iqbal will be appointed CFO.
The New Business Units
ff24payments.com is a modern, scalable real-time payment platform that can grow with any company and offers innovative solutions, either for one-time purchases or automated payments, This platform targets large and small online retailers as well as operators of the growing number of websites that derive their revenues from “freemium” models.
The platform currently supports Mastercard, VISA, SEPA, SOFORT transfers and PayPal. Plans for 2021 are initially limited to promotion and integration at the level of German online shops. Launches in other European countries are contemplated for Q1/2022. Expansion to the U.S. and Asia is also contemplated.
ff24pay.com offers banking and instant transfer solutions for a wide range of the world’s most important currencies. The initial target group will include private individuals and SMEs that use either the euro (EUR, €) or another European currency as their accounting currency. ff24pay.com currently offers European customers an array of services that include IBAN accounts, debit cards, processing of various currencies, SEPA and SWIFT transfers as well as automated payments. The Company’s current goal is to sign up 10,000 customers in Europe by the end of 2022 and position ff24pay.com as a modern, secure banking solution. A product launch for the U.S. market is currently in the planning phase. Easily accessible apps for Android devices and iPhones can currently be downloaded from app stores in the target markets of ff24pay.com, and downloadable desktop and laptop versions of the apps that better meet the need of SME business users are also available.