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Acquisition Opportunity

Hilco Streambank (“Hilco”) is seeking offers to acquire the intellectual property assets of Leveris Limited (in Liquidation) (“Leveris” or the “Company”), on behalf of Myles Kirby of Kirby Healy Chartered Accountants as the Liquidator.

BID DEADLINE

August 31, 2021 @ 12pm BST

Background

Hilco has been appointed by Myles Kirby of Kirby Healy Chartered Accountants as the Liquidator of Leveris to actively seek interested parties in relation to the Company’s intellectual property assets.

Traditional banks built on outdated technology are generally expensive to launch, run, and grow and are often not built for a digital world. Founded in 2016, Leveris had developed a Digital Banking Platform (the “Platform”) consisting of a cloud-native, end-to-end banking system built for the rapid launch of low-cost, digital-first banks.

In the region of €100m was invested in developing the Leveris Platform, which offers the extensive range of banking services required to run a customer-centric digital bank. Built on a micro-services architecture, the real-time Platform provides access to its modules separately via APIs, allowing clients to add and remove functionality with ease. Cloud-native, compliant-ready, scalable and configurable, the Platform allowed the Company’s customers to integrate and launch new banking products within weeks rather than months. The Platform could be deployed as either Software-as-a-Service or Banking-as-a-Service, providing both banks and non-banks the ability to offer a wide range of financial products.

Leveris

At the Company's liquidation, Leveris was working with a strong client roster, including a reputable Irish bank that it had worked with for five years. The Company was on track to more than double its number of banking clients to 25 by 2023. It employed circa 200 staff prior to its insolvency.

In the financial year ending 31 December 2019, the Company generated revenues of c. €2.2m with a gross profit of c. €123k. In 2018, the Company generated revenues of c. €8.5m and a gross profit of c. €2.1m.

This opportunity offers a prospective buyer the chance to acquire and pick up a revenue-generating and regulatory-compliant banking Platform which is functional, mature, and the product of more than c. €100m in investment.

Available Assets

The Leveris Brand

Five years old, the Leveris brand is widely known and respected across the banking sector. The brand stands out from its competitors in the FinTech space as one of the only providers of a complete, innovative, cloud-native banking platform.

Confidence in the brand was bolstered by strategic investment from Australian financial services firm Linked Group. The Company also had several key partnerships, including relationships with global card issuing platform Margeta, app-protection company Promon, identity verification company Jumio, and Visa.

Strong recognition by key industry players has also boosted the brand, with Leveris having been recognised in Red Herring’s “Top 14 Fintech Europe Winners 2020.”. The Company also previously featured as a top 50 “Emerging Star” in KPMG’s “FinTech 100 2017”.

The brand is supported by coverage in various press publications, including FinTech Magazine, Better Business Magazine, the Irish Times, and the Independent.

Leveris Digital Banking Platform

Developed in-house, the Leveris Digital Banking Platform is a cloud-native, real-time, event-driven, non-legacy core banking system built for better banking and smarter lending.

The Platform underpins two distinct solutions that can be deployed together or independently as required to meet the client’s specific needs:

  • Leveris Banking: A turn-key, end-to-end, pre-integrated, digital banking solution
  • Leveris Lending: A real-time, highly automated lending solution

Built with modularity at its core, the Platform’s open architecture enables seamless integration with third parties through a combination of functionality, creating unique solutions for clients. Its modules include:

Leveris Image 2

Domain Names

A portfolio of domain names, including the primary leveris.com domain name, is available.

Website Content

The Company’s sleek informational website, hosted at leveris.com, showcases the Leveris Platform, features information about its banking services and products, and provides commentary on emerging industry trends.

Trade Marks

The Company is likely to possess rights in unregistered trade marks in relation to the “Leveris” brand name and logos as below.

Leveris Logo 1

Leveris Logo 2

Social Media

LinkedIn – LEVERIS c.3,000 followers

Twitter – @WeAreLeveris c.900 followers

Instagram – @weareleveris c.150 followers

Facebook – @WeAreLeveris c.57 followers

Vimeo – LEVERIS 10 videos, 4 followers

Sale Process

Offers are due Tuesday 31 August 2021 at 12pm BST

All expressions of interest and bids are to be directed to Hilco in writing. A Bid Submission Form is available on request. Please contact Hilco to gain access to a virtual data room of further information on signing a confidentiality agreement.

Key Terms & Conditions

The Liquidator acts as an agent of the Company and without personal liability.

The bidder acknowledges that Hilco acts as an agent for the Liquidator who offers for sale only what right, title and interest (if any) the Company possesses in the assets. Such sale will be without any warranties, expressed or implied. The information provided has not been verified by Hilco or the Liquidator and bidders are deemed to have carried out their own due diligence.

VAT, if applicable, at 20% will be added to the price. A non-refundable deposit of 20% will be payable by the buyer within 48 hours of bid acceptance. A buyer’s premium of 10% of the sale price is payable by the winning bidder. Legal completion to occur within 5 business days of bid acceptance. Hilco Streambank's full Terms and Conditions apply. 

Contact Us

For further information about the sales process please contact the following Hilco Streambank representatives:

Interested Parties

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