Honye Financial Services Ltd agrees deal to launch Zoyo-branded trading app

Honye Financial Services Ltd (LSE:HOYE) said it has agreed a deal so that once its reverse takeover of Zoyo Capital is completed, it will launch a Zoyo-branded trading and investment app.

The takeover of the London-based fintech group is “in the final stage” and the London-listed company said it aims to complete a fundraising in the near future, following “extremely positive” feedback from potential cornerstone investors in recent weeks.

A license agreement has been signed between its Honye Trading arm and XNT Ltd, known as Exante, to access its white-label brokerage services and investment platform.

The agreement will become effective once the Zoyo takeover is completed, and Honye expects the app to generate revenue “shortly after”, while Zoyo and Honye Trading continue research & development of their own stand-alone trading platform.

Eventually the aim is to replace the white-labelled platform with its own fully authorized application.

“We are pleased to announce the next step on the path towards setting up and running an equity trading mobile application,” said Honye chairman Shaun Wootton.

“This approach will enable us to provide a trading solution to our clients within a matter of weeks [reverse takeover]generating revenue and raising brand awareness of the Zoyo name many months earlier than would otherwise be the case.”

The EXANTE trading platform, according to its website, provides direct access to all financial markets and instruments from a single multi-currency account, allowing users to buy and sell over 400,000 stocks, ETFs, bonds, options, futures, metals and currencies.

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