Finseta has announced two linked-in-time but legally separate developments: an affiliate relationship with Amir Mehrad for referrals into its currency-exchange and international-payments business, and a fundraising in which Mehrad's Homa Holdings becomes a strategic investor. The company explicitly says the commercial affiliate agreement and the investment are separate arrangements and neither is conditional on the other.[1]
The fundraising is expected to generate approximately £1.57 million of gross proceeds. Homa's contribution is about £1.47 million, split between 7,918,638 ordinary shares issued at 6.1174 pence each and approximately £989,231 of zero-coupon unsecured convertible loan notes. The proposed conversion of those notes into 16,170,774 shares is conditional on required FCA approvals and shareholder resolutions.[1]
Homa component of the fundraising
| Component | Disclosed terms |
|---|---|
| Ordinary shares | 7,918,638 shares at 6.1174pSource 1 |
| Approximate share cash | About £484,000 from the disclosed share count and priceSource 1 |
| Convertible loan notes | About £989,231; zero-coupon and unsecuredSource 1 |
| Potential conversion | 16,170,774 sharesSource 1 |
| Conditions | FCA approvals and shareholder resolutions for conversionSource 1 |
| Homa total | Approximately £1.47mSource 1 |
Distribution and ownership should be analysed separately
Mehrad's affiliate role is to introduce prospective customers to Finseta's currency-exchange and international-payment services. That is a distribution relationship, while Homa's investment is a capital transaction. Keeping the two tracks distinct matters because referral economics, customer due diligence and financial-promotion controls are operational questions even when the referrer is also economically aligned with the company.[1]
Finseta says its network supports payments in more than 165 countries and over 150 currencies, with regulated subsidiaries including a UK FCA-authorised electronic-money institution, a Canadian FINTRAC-registered money-services business and a Dubai DFSA Category 3D entity. The group-level description does not mean every service is available through every entity or in every jurisdiction; customer-facing permissions still depend on the contracting company and product.[1]
Two arrangements announced together
| Arrangement | Purpose | Key dependency |
|---|---|---|
| Affiliate agreement | Introduce prospective FX/payment customers | Ongoing compliance and referral termsSource 1 |
| Share subscription | Immediate equity capital | Issue terms and corporate approvalsSource 1 |
| Convertible notes | Additional strategic funding | FCA approvals and shareholder resolutions before conversionSource 1 |
| Cross-border services | Payments and currency exchange | Correct regulated entity and jurisdictional scopeSource 1 |
For the broker-adjacent payments sector, the announcement shows how distribution and financing can converge without becoming the same transaction. The next useful evidence will be referred-customer volumes, revenue contribution, final conversion status and any change in control or regulatory position arising from the investment. Until then, the reported facts are the affiliate route and a roughly £1.57 million financing with specific conditional elements.[1]
Sources & further reading
- Affiliate Relationship and Fundraising Finseta plc / London Stock Exchange RNS · 6 Nov 2026 · Accessed 8 Nov 2026