Mobi724 Global Solutions Inc., NOI

Mobi724 Global Solutions Inc., a Montreal, Quebec-based fintech company, filed an NOI on April 22 listing $18.2 million in liabilities, including $4.2 million to Fidelity Investments, $1.9 million to BDC, $3.2 million to IQ, and nearly $1 million to employees.

The company’s main asset is its sophisticated technology platform, which conducts data analysis and transaction processing to enable banks, fintech card issuers and merchants to increase their transaction revenues and improve the performance and profitability of their card portfolios through data monetization.

The company struggled as a result of, among other factors, a reverse takeover of a publicly-listed company which proved to be costly and misaligned with the company’s scale of operations and stage of development, the lasting impacts of the Covid-19 pandemic, and an inability to reduce operating costs and expenses of a public company.

The purpose of the proceedings is to conduct a SISP by way of a stalking horse bid received from certain management personnel. 

Richter is the proposal trustee.

Counsel is AG Avocat Conseil for the company, and Stein & Stein for the proposal trustee.