Blockchain Start-Up SETL Appoints Administrator
In line with its 2018 strategic and operational plan, SETL the London based institutional payment and settlement infrastructure provider using blockchain technology, has focussed its resources on successfully developing and funding the establishment of the ID2S and IZNES platforms in Paris. Of particular note, SETL made significant capital contributions to ID2S, the regulated CSD. In October 2018, the platform successfully completed its T2S connection testing and was fully approved under CSDR.
Successful completion and approval of CSD = major corporate milestone. Ideal time for org to build strong structure for future growth. Today announced appointment of @Quantuma1 to guide process. 100pc committed to BAU in meantime. https://t.co/esV1plZzjZ #SETL
— SETL.io (@setl_io) March 7, 2019
Now that the CSD is operational, the organisation can move forward with the next phase of its corporate development plan. Having made an early investment in the development of ID2S, SETL Development Ltd recognises that as an early stage technology firm it is not sufficiently placed to contribute the capital required. As such it is now now seeking to place its ID2S holding with a larger financial services firm, one better placed to provide the capital required to support the growth trajectory.
In recognition of the structural complexity and the need for a neutral party to represent the interests of all the current creditors and stakeholders, the board of SETL Development Limited has today appointed Quantuma LLP as an independent administrator. Quantuma’s role will be to help shape the future structure, enable the company to balance its strategic infrastructure holdings and continue its software development activities on a business as usual basis.
Sir David Walker, the company’s chairman added “Separating the software development business from the investments portfolio is a highly complex process, requiring expert, experienced and neutral management of the interests of all the creditors and stakeholders. The directors are all fully engaged and aligned in this approach.”
Anthony Culligan, the co-founder and largest shareholder added, “I am absolutely satisfied that this is the most positive step for the company and will form the basis of a strong future”.
Andrew Andronikou, joint administrator and Quantuma partner added, ‘This marks a significant moment for SETL and we are honoured to have been entrusted to work on behalf of the business and its investors. We are highly experienced in navigating these milestones to ensure that businesses are fit for the future and look forward to helping SETL in its quest for growth.’
Virginie O’Shea, research director at consultancy Aite Group, said:
Thinking about #fintech and #regtech startups and their journey including the hills (well mountains) they die on, I created this handy infographic. (PS the mountains get larger, and road longer, the bigger the clients are. Enjoy cc: @staffordphilip @shannybasar @_JonWatkins pic.twitter.com/CfeO9zBmEV
— Virginie O'Shea (@virginieoshea) March 7, 2019
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