The launch of Rigsave spa on the Stock Exchange is planned at the end of 2021. Rigsave spa is the newborn holding company of the group headed by the Maltese asset manager Rigsave Capital Ltd, the Luxembourg-based Rigsave sicav sa, the Rigsave Absolute Alpha Fund (RAAF) and Rigsave Tech srl.
Rigsave Tech is an innovative startup in the fintech sector. The company is currently working on the launch of iCashly, a personal finance management app aimed at banking clients. The app should be launched in the first half of 2021. This was said live on Facebook by the founders of the group, last April 15th. Rigsave is planning to open two offices in Italy (Milan and Turin) in the second quarter of 2021.
Rigsave spa is headed by Salvatore Gervasi, Michele Basilicata, and Giovanni Gervasi and has already raised over $1.62 million (€1.5 million) from 120 shareholders through its personal network. To date, the entire group has 16 employees and external collaborators. It plans to hire a further 30 commercial and operational figures over the next 2 years.
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The launch of iCashly app will be financed through a capital increase
As for Rigsave Tech, founded in April 2019, the launch of the app will be financed through a capital increase, which will be subscribed by the parent company Rigsave spa, and through an equity crowdfunding campaign, mainly aimed at raising awareness of the fintech company and its app. The campaign will be launched once the partnership with a bank has been signed. RigSave Tech is currently engaged in negotiations with three different banks in order to find a partner to provide payment services.
The app makes it possible to manage personal finances and use Rigsave Capital’s investment services. The services and products are provided through machine learning and AI systems, with the aim of simplifying the end customer’s approach to finance as much as possible.
The iCashly app is in the prototyping phase and a demo has already been launched for illustrative purposes. With the app, the costs of distribution and placement of products will be reduced to zero, which can be accessed not only by HNWI, but also by affluent and retail customers.
Rigsave Capital offers customized asset management services
Rigsave Capital Ltd, based in Malta, is an asset management company, authorized by the Malta Financial Services Authority (MFSA). It has the freedom to provide services by the Bank of Italy and seven other supervisory authorities for financial intermediaries in Luxembourg, Germany, Spain, Portugal, the Netherlands, and France.
Rigsave Capital offers customized asset management services, with a focus on structuring financial products tailored to the needs of individual and professional clients. In particular, it is a general partner of the Raaf fund (acronym of Rigsave Absolute Alpha Fund), a closed-end investment fund, set up as a Special Limited Partnership managed by Rigsave Capital sàrl. The capital raised through a bond issue of the Pareto Securities sàrl securitization spv, set up in 2017, was paid out.
The issue in question is a $270 million (€250 million) performance linked bond maturing in September 2024, which was listed on the Vienna Stock Exchange in September 2019. Each month, if the NAV of the fund shows a positive performance, it is distributed, through a coupon, 70% to bondholders and 30% to Rigsave spa shareholders.
(Featured image from pxfuel)
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First published in BeBeez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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