Teddi Sagi’s SafeCharge Plans $100m IPO Launch
Playtech’s founder Teddy Sagi is not slowing down after selling 15.4% of his stake in the company for £326m last week. Sagi’s rise to fame and riches is due to Playtech being one of the main software providers to online gambling operators.
His latest project is that of SafeCharge who are an online solutions provider who specialize in Forex and online gambling sites. SafeCharge is 90 percent owned by Sagi with the remaining 10 percent held by CEO David Avgi. According to reports SafeCharge is set to go public on the London Stock Alternative investment Marker (LSE Aim). The plan is to raise $100m in new equity from the IPO which will be used to further expand into Asia as well as the launch of a new digital wallet.
SafeCharge was voted the Most Innovative Financial Product Award at the Forex Magnates London Summit in 2013. They processed over $5 billion in transactions in 2013 and reported revenues were $43.1m. This was an impressive increase of 31.4% from 2012. The forecasts for 2014 are even better with revenues expected to reach $61.2m.