UK-headquartered payments services provider SafeCharge International Group has sold its five percent minority stake in German based financial services technologies company FinTech Group.

SafeCharge acquired the stake in June 2015 for a cost of €10m.

Based on FinTech Group’s current market capitalization of €239m, SafeCharge’s stake was sold for approximately €11.9m, resulting in a profit of approximately €1.9m for SafeCharge.

SafeCharge had made the investment with the hopes of partnering with FinTech to develop and offer banking services and technologies to retail and corporate customers.

However, following a deal with the Saxo Payments division of Copenhagen-based Saxo Bank, the relationship with FinTech was reportedly no longer a priority for SafeCharge.

Shares in SafeCharge International Group Ltd (Co. Data) (LSE:SCH) were trading down 1.12 per cent at 220.00 pence per share in London earlier Wednesday.

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