Multitude SE, a listed European fintech company that used to be known as Ferratum, will be transferring its registered office from Finland to Malta.

The announcement on Thursday (today) came after an Extraordinary General Meeting that was held on the same day, during which the transfer, first proposed by the Board of Directors in January, was approved.

A formal transfer proposal was then registered in the Finnish Trade Register in the same month.

Shareholders, whose shares were registered on their personal Finnish book-entry accounts on the record date of the Extraordinary General Meeting, had the right to demand the redemption of shares, provided that they voted against the transfer. Multitude SE confirmed that no demands for redemption were made.

The company also stated that the completion of the transfer remains subject to other preconditions as set out in the transfer proposal. Once the company becomes registered in the Malta Business Registry, the transfer and the new Memorandum and Articles of Association (M&A) will become effective. This is expected to take place on or around 30th June 2024.

This transfer represents the first phase of Multitude SE’s plans to relocate to Switzerland. Through the transfer to Malta, the company then aims to be converted into a public limited liability company governed by the laws of Malta. Afterwards, it will apply to be registered in Switzerland, pursuant to applicable Maltese and Swiss laws by the end of 2024.

Multitude SE already has a presence in Malta through its subsidiary Multitude Bank plc, licensed by the Malta Financial Services Authority (MFSA) to provide a range of banking services to clients. Prior to 2022, Multitude SE was known as Ferratum, before a group-wide rebrand that also included Malta’s Ferratum Bank plc to change to Multitude Bank plc.

Aside from the transfer, Thursday’s meeting also covered a number of other related topics, including the change of the company’s issue central securities depository (CSD) from Euroclear Finland Oy to the CSD operated by the Malta Stock Exchange, as well as a €55,766 increase in the company’s share capital, now totalling €40.2 million.

Multitude SE has also resolved to appoint Ganado Services Limited as Company Secretary and PwC Malta as Auditor, both effective upon the registration of the company with the Malta Business Registry.