Fintech startup MC Payment to acquire iFashion Group, proceed with reverse takeover plans

Veteran fintech startup MC Payment announced that it will acquire iFashion Group, an online fashion and lifestyle retailer in Singapore. According to documents filed with the Singapore Exchange, MC Payment will acquire iFashion in full for up to US$18.7 million. The acquisition will allow MC Payment to offer payment solutions to the diverse range of retail businesses within the iFashion Group.

At the same time, MC Payment and SGX Catalist-listed Artivision Technologies have agreed to go forward with an acquisition deal first announced late last year — a move that will result in a reverse takeover. In a reverse takeover, a company goes public on the stock market by having an already-listed firm buy up all of its share capital.

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