Shares of Concierge Technologies Inc. (OTC: CNCG) rose 8.2% to $3.15 after the San Clemente conglomerate announced it’s applied to list on the New York Stock Exchange and change its name to its fintech subsidiary, Marygold Companies Inc. The company, which has a $118 million market cap, also said it intends to raise $24.4 million for product launches, fund development, marketing and sales and working capital.
Concierge started Marygold & Co. in 2019 to develop a fintech mobile banking app that will allow individuals “to send, receive, spend and save” through its app with no minimums, credit checks or fees. Chief Executive Nicholas Gerber previously told The Business Journal that a similar fintech startup, N26 GmbH, on Oct. 18 received $900 million in Series E funding, gaining a $9 billion valuation, the highest valued fintech in Germany.Concierge is a conglomerate of a variety of units, including exchange index funds, a New Zealand-based baker and a Canadian security firm.
The firm reported sales of $39.8 million for the 12-months ended June 30, good for No. 5 ranking on the Business Journal’s annual list of the fastest-growing publicly traded companies in the category of companies with less than $100 million in annual sales.