@charlesnWhen licence is granted may be valued at $50M x 57% NOV...

@charlesn

When licence is granted may be valued at $50M x 57% NOV share = $28.5M. DOU has about $63M MC.

Series A Round - $13m
Following this seed funding round, NBHC has received interest for a further $13m in investment as part of a Series A funding round, at a post-money valuation of $35m. As part of this Series A round, Novatti is proposing to invest a further $3m and BC Invest $2.5m. These additional funds will be used to accelerate the development of this new business on receipt of the restricted banking licence from APRA. Post the Series A round, Novatti and BC Invest will own over 57% and 19% of NBHC respectively.
https://newswire.iguana2.com/af5f4d73c1a54a33/nov.asx/3A566440/NOV_Funding_Commitments_Strategic_Partner_for_Banking_Business

The NOV banking business will provide income generating & lending products. As the loan book & revenue grow so will the MC. There are not many ASX listed companies with a banking licence. The smallest traditional listed bank, Bendigo & Adelaide (BEN), has a $5.5B MC. In terms of listed lenders, recently listed Pepper Money (PPM) has a $1.2B MC & Money Me (MME) doing personal loans has a $368.6M MC. Unlisted Judo Bank is currently valued at $1.6B & neobank 86 400 was acquired by NAB for $220M.

May take 5-10 years to become $1.5B MC for banking business or it may happen in a few years similar to Judo Bank.

The banking business is like a pre-IPO investment usually available only to venture capital. To be invested this early via NOV is a once in a lifetime opportunity.