Handango Announces Minority Stake in Consumer Finance Startup

On Thursday, August 9, 2018, Handango announced that it has acquired a minority stake in Loans.no, a consumer finance startup serving Norwegian consumers. Handango will pay approximately $650,000 in cash for a minority stake of 28%.

Loans.no primary service is providing loan comparison services to consumers in need of specific loans. They serve Norwegians 18 years or older and monetize their service through generating traffic from organic search.

Mr. Hamid Sharki, Chairman and CEO of Loans.no, commented, “Loans.no and Handango’s businesses are complementary in nature. Loans.no primary service – billig forbrukslån – strives to provide Norwegian consumers with the lowest rate for their specific lender profile for personal, auto, and home loans using proprietary credit scoring and creditworthiness algorithms. Handango’s expertise in technology and software development will allow us to fine tune our systems and continue to provide tens of thousands of consumers with the best rates, helping them avoid loan sharks and other predatory lending practices prevalent in the Norwegian consumer finance space.”

The positioning of the online platform won’t change, but the leadership from Handango’s board will aid in providing a clear vision and solid roadmap forward for expansion into different sectors, such as credit card comparisons and non-monetized personal finance web content.

In addition to the investment in Loans.no, Handango also announced with its minority stake in Loans.no its first entry into the personal finance sector. With the growing market of online brokers, trading platforms, financial product comparison services, and the like, Handango’s software and web development expertise provides it with a good position to saturate the market with its services.

Safe Harbor Statements

This press release contains forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Handango may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Handango’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Handango’s goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user base and network of local merchants for its online marketplace; the growth of, and trends in, the markets for its services in Norway; the demand for and market acceptance of its brand and services; competition in its industry in Norway; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users’ information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Handango does not undertake any obligation to update such information, except as required under applicable law.

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