SMC Closes $25 Million Acquisition of Fyniti Global Equities EBT Inc., AI-enabled Wealth Management Technology Platform
BOCA RATON, Florida – May 10, 2023 – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE), an incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has completed and closed its acquisition of Fyniti Global Equities EBT Inc. (“Fyniti”); valued at $25 million.
Fyniti (www.fyniti.com, www.fynitiiq.com) is a Fintech developer and provider of technologies that combine Artificial Intelligence/Machine Learning (AI/ML) driven quantitative investing (IQ Engine) with AI-enabled wealth management Electronic Block Trading (“EBT”) technology.
Pursuant to the closing documents:
- Fyniti has assigned all intellectual property (“IP”), algorithms, know-how, sales and marketing collateral, and other tangible and intangible assets to the Company;
- Fyniti will operate as a 100% wholly owned subsidiary of the Company;
- Fyniti will be managed by its founding members and will have complete control of the direction of expanding the business. Fyniti was founded by veteran Wall Street technologists and investment bankers who worked for Goldman Sachs, JP Morgan Chase, Bank of America (Merrill Lynch) and Citigroup;
- The Company has issued 2,500,000 unregistered shares of its $10.00 Series B Preferred Stock to Fyniti’s stockholders; and
“We are pleased to have concluded the Fyniti acquisition in such a short time span,” commented SMC’s CEO Erik Blum. “The acquisition will strategically position SMC in the competitive landscape as a major player in the AI-enabled Fintech industry which will exceed $6.2BIL by 2032 boasting a CAGR of 22.5% between 2023 and 2032.”
Fyniti’s EBT technology is focused on democratizing Basket Trading, Direct Indexing, Tax Loss Harvesting and bringing Separately Managed Accounts (SMAs) to the upper end of the retail segment as well as the lower to middle market financial institutions. Fyniti’s IQ Engine is an AI-driven contextual analyzer that creates a repository of all equity research.
The ETFs are an $8 trillion dollar market worldwide with over 80% being passive ETFs, which can be replicated through AI/ML-based algorithms. The wealth management platform market is roughly $1.2 trillion worldwide. The EBT market is targeted to generate $6.2 billion in fees and presents a great opportunity for using AI/ML driven portfolio management.
About Fyniti Global Equities EBT Inc.
Fyniti Global Equities EBT Inc. is a Fintech platform developer founded by veteran Wall Street technologists and investment bankers who worked for Goldman Sachs, JP Morgan Chase, Bank of America (Merrill Lynch) and Citigroup. Fyniti has a clear focus on developing disruptive technologies in the Wealth Management and capital markets domains. Fyniti owns the IQ Engine and EBT Technology which combine to provide AI driven Quantitative investing and AI based Basket Trading platforms.
About SMC Entertainment, Inc.
SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (Fintech) companies. SMC’s multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. For more information on SMC, visit www.smceinc.com.
Press Release Contact:
Erik Blum
CEO
SMC Entertainment, Inc.
Ron Hughes
Chief Operations Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
360-820-5973
Safe Harbor Statement
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third-party. Therefore, in no case whatsoever will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.