AUGMENTUM FINTECH PLC

Fund Information / Factsheet • Jan 30, 2025

Investment Objective

Factsheet

Q3 FY24/25 As at 31 December 2024 unless otherwise stated Audited valuations as at 30 September 2024

To generate capital growth over the long term through investment in a focused portfolio of fast growing and/or high potential private financial services technology ("fintech") businesses based predominantly in the UK and wider Europe.

NAV and NAV per share

March 2020 – September 2024

1 Portfolio Value includes other non-cash assets & liabilities to arrive at at NAV £m per share before performance fee. 2 Consolidated cash position less net liabilities.

Portfolio Manager

Augmentum Fintech Management Ltd

The Portfolio Manager investment team comprises nine investment professionals with deep fintech expertise who leverage sector-specific operational experience and networks to identify opportunities and provide the portfolio with bespoke support. All of the senior team have experience as founders or senior executives at technology companies including Flutter.com, Betfair and Covestor. The team sits at the forefront of European fintech VC dealflow, targeting 100% visibility of early stage fintech deals.

Leadership

An experienced entrepreneur and investor, Augmentum Co-Founder and CEO Tim has sat on multiple fintech boards including interactive investor, Tide and Zopa and is highly active in cross-industry initiatives working to boost the UK fintech sector such as the UK FinTech Strategy Group and Innovate Finance. Tim was a founding employee of Flutter.com, which became one of the highest profile digital businesses in the UK after it merged with Betfair.com in 2001. A World Economic Forum Young Global Leader, Tim was elected in the City of London as an Alderman in the Ward of Bridge in 2022.

Richard Matthews COO

Richard has 23 years of venture capital and private equity experience in the technology, retail and leisure sectors on both sides of the fence. Richard started his career at PwC before joining Tim at Flutter.com (now Betfair) as CFO. Richard joined Benchmark Capital Europe (now Balderton Capital) in 2002, where he worked on early stage technology investments both in the investment phase and assisting investee companies post-funding. He spent five years investing globally at Manzanita Capital from 2005, before co-founding Augmentum with Tim.

Listing	Main Market LSE
Ticker	AUGM
Market cap	£179.1 million
Shares in issue	167.4 million
Management fee	1.5% up to £250m NAV, 1% thereafter
Incentive fee	Carried interest scheme of 15% subject to minimum IRR of 10% p.a. with catch-up. Only payable cash on cash
AIC Sector	Financials & Financial Innovation
ISIN	GB00BG12XV81
SEDOL	BG12XV8

Listing Date	13 March 2018
Portfolio Manager	Augmentum Fintech Management Ltd
AIFM, Company Secretary & Administrator	Frostrow Capital LLP
Registrar	Computershare
Legal Adviser	Stephenson Harwood LLP
Auditor	BDO LLP
Joint Corporate Brokers	Peel Hunt LLP, Singer Capital Markets

1 of 3 | Augmentum Fintech plc | 25 Southampton Buildings, London, United Kingdom, WC2A 1AL | Please read important information on page 3.

Highlights

£294.6m3

Net Asset Value

164.3p ⁴ NAV per share

107.00 gbx 5

Share price

(34.9%)6 Premium/(Discount)

26

Portfolio companies

14%7 IRR on invested capital

£34.8m8

Cash reserves

38%7

Combined IRR of exits to date Key Facts Company and Fund Information

• 3 Before performance fee, as at 30 September 2024
• 4 After performance fee, as at 30 September 2024 5 As at 31 December 2024
• 6 Based on 30 September 2024 NAV after
• performance fee and share price as at 31 December 2024
• 7 Gross IRR on capital deployed since inception

to 30 September 2024 arising on investment cash flows and using valuations as at 30 September

2024 8 As at 22 November 2024

• www.augmentum.vc
• info@augmentum.vc
• Augmentum Fintech
• @AugmentumF

Composition | Sub-Sector Maturity

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Highlights

Company Update

Interim Financial Report for the year ended 30 September 2024 Published November 2024

Financial Highlights

• — NAV per share after performance fee of 164.3p (31 March 2024: 167.4p).
• — IRR of 14% on invested capital since inception (31 March 2024: 16%).
• — Available cash of £34.8 million with no debt (31 March 2024: £38.5 million).

Portfolio Highlights

• — The top 10 holdings, which represent 77.5% of net assets after performance fee, have total annual revenue of £1.25 billion, and grew total revenue by 52% year-on-year. Four of these positions are cash generative and the other six have an average of 16 months of cash runway.
• — The acquisition of portfolio company Onfido by Entrust was completed in April and the Company received proceeds of £9.9 million from the sale, delivering an IRR of 5.8% and a multiple on capital invested of 1.3x.
• — Funerals group Dignity (in which Castelnau Group has a controlling stake) agreed (subject to regulatory approval) to acquire Farewill in exchange for shares in Castelnau Group plc. Additionally, Monese has been acquired by Pockit, a financial services business for the "unbanked" (subject to FCA approval).

Team Update - Post period end

Independent Board of Directors

Post period end, Augmentum Fintech Management Ltd announced the appointment of Tracy Doree as Venture Partner. Tracy brings a wealth of fintech and investing experience to the team, as the co-founder of Kindred Capital and roles at MMC Ventures and Entrepreneur First.

Portfolio Update

Augmentum made \$4m investment in UAE based Pemo

As at 30 September 2024 As at 30 September 2024

Pemo, a UAE based expense management solution serving customers across the Middle East, announced a \$7m Pre-Series A investment round, led by Augmentum. Pemo intends to use the investment to drive further innovation in its product, continue to deliver an exceptional experience for its customers, and expand into additional markets. Additionally, Pemo surpassed AED\$1.4bn in transactions during the period.

FullCircl acquired by nCino

nCino, the NASDAQ listed US digital banking platform, agreed to acquire FullCircl. This transaction implied an enhanced valuation of the Company's investment in FullCircl, of £6.2 million, which represents an 80% increase on the valuation as at 31 March 2024. The realisation is Augmentum's seventh exit, all of which have been at or above the last published valuation.

Zopa Bank announced €80m funding round

Zopa Bank raised €80m ahead of its flagship current account launch in 2025. The funding will also be used to launch a pioneering GenAI proposition that reinvents how people interact with their money. The round was led by A.P. Moller Holding, with participation from other investors.

iwoca announced £200m debt funding led by Citi

iwoca secured a new funding line of £200 million from Citi and Waterfall Asset Management. This takes the total investment including debt commitments to almost £1.5bn, allowing iwoca to meet the growing SME demand for working capital.

Tide acquired Onfolk, a payroll solution

Tide acquired Onfolk, a leading HMRC-recognised payroll solution for SMEs which focuses on accounting, pensions and people systems. The acquisition will enable Tide to get closer to their goal of giving members everything they need to run their business in one single app.

Awards

• — UK Fintech Awards 2024
• 'Team of the Year' Finalist
• — AIC Shareholder Communication Awards 2024 'Best Factsheet' Winner

William Reeve Chairman of the Board

Karen Brade Chairman of the Audit Committee

David Haysey Chairman of the Management Engagement and Remuneration Committee and of the Valuations

Conny Dorrestijn Non-Executive Director

Sir William Russell Non-Executive Director

2 of 3 | Augmentum Fintech plc | 25 Southampton Buildings, London, United Kingdom, WC2A 1AL | Please read important information on page 3.

Top 10 Holdings As at 30 September 2024

SME business banking

	9 ﺎ	4

Digital-first consumer bank

Invested	2018	Invested	2019
HQ	London, UK	HQ	Berlin, Germany
Cost	£19.4m	Cost	£33.7m
Value	£59.7m	Value	£39.3m
IRR	30.9%	IRR	3.3%
% of NAV	21.7%	% of NAV	14.3%

Account to account instant payments provider

Invested	2018
HQ	London, UK
Cost	£9.8m
Value	£25.3m
IRR	47.1%
% of NAV	9.2%

Monthly subscription business for technology products

Invested	2020
HQ	London, UK
Cost	£10.9m
Value	£19.6m
IRR	16.9%
% of NAV	7.1%

Precious metals trading platform for individuals

Invested	2018
HQ	London, UK
Cost	£8.4m
Value	£14.9m
IRR	14.3%
% of NAV	5.4%

platform

End to end coreless banking

Invested 2024 HQ London, UK Cost £15.0m Value £14.6m IRR - % of NAV 5.3%

Consumer credit refinancer

Invested 2021 HQ Stockholm, Sweden Cost £10.8m Value £11.1m IRR 1.0% % of NAV 4.0%

AI based FX trading firm

Invested	2019
HQ	Zurich, Switzerland
Cost	£2.7m
Value	£10.0m
IRR	31.9%
% of NAV	3.6%

Small business lending

Invested	2018
HQ	London, UK
Cost	£7.9m
Value	£9.6m
IRR	3.6%
% of NAV	3.5%

Cryptocurrency exchange and custodian bank

2021
New York, US
£10.2m
£9.3m
-
3.4%

Approach to Responsible Investing

Environmental, Social and Governance (ESG) principles are integrated throughout business operations; in investment decisions, at the screening stage through an exclusion list and due diligence, ongoing monitoring and engaging with portfolio companies post-investment and when making follow-on investment decisions, as well as within fund operations.

Read more about the approach at www.augmentum.vc/investors/company-information/esg/

Important Information

The contents of this document, which has been prepared by Augmentum Fintech Management Limited ("AFML"), have been approved by AFML solely for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended) ("FSMA"). AFML is authorised and regulated by the UK Financial Conduct Authority.

The information in this document is for informational purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this document or its accuracy or completeness. This document should not be considered a recommendation by AFML to invest in Augmentum Fintech plc (the "Company") or any of their respective affiliates, or in relation to any subscription for securities, whether actual or in the future.

This document is not for release, publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia, collectively, the "United States"), Australia, Canada, the Republic of South Africa ("South Africa"), New Zealand, Japan or any other jurisdiction where such distribution is unlawful, or to US persons, as defined in Regulation S ("Regulation S") under the US Securities Act of 1933, as amended (the "US Securities Act"). The distribution of this document may be restricted by law in certain jurisdictions and any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This document is for information purposes only and does not contain or constitute an offer for sale of, or the solicitation of an offer or an invitation to buy or subscribe for, securities to any person in the United States, Australia, Canada, South Africa, New Zealand or Japan or in any other jurisdiction.

Key Risks

Any return you receive depends on future market performance and is uncertain. The Company does not seek any protection from future market performance so you could lose some or all of your investment. Before purchasing any securities or otherwise investing in the Company, persons viewing this document should ensure that they understand and accept fully the risks risks the Company is exposed to as disclosed in the Company's Annual Report, Key Information Document or Investor Disclosure Document, available at www.augmentum.vc/investors/

Past Performance

Past performance is not a guide to future performance. The value of investments may fall as well as rise and is not guaranteed; an investor may receive back less than the original amount invested. This Trust may not be appropriate for investors who plan to withdraw their money within the short to medium term.

Target Market

The Company is suitable for investors seeking an investment that aims to deliver total returns over the longer term (at least five years), is compatible with the needs for retail clients, professional clients and eligible counterparties, and is eligible for all distribution channels.

The Company may not be suitable for investors who are concerned about short-term volatility and performance, have low or no risk tolerance or are looking for capital protection, who are seeking a guaranteed or regular income, or a predictable return profile. The Company does not offer capital protection.

Value Assessment

Frostrow Capital LLP, the Company's Alternative Investment Fund Manager, has conducted an annual Value Assessment on the Company in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers quality of services, performance of the Company (against both benchmark and peers), total fees (including management fees and other fees as applicable to the Company), and also considers whether vulnerable consumers are able to receive fair value from the product. Frostrow Capital LLP concluded that the Company is providing value based on the above assessment.