BUZZ-Australia's Stakk soars on 3-year contract with US fintech SoFi Technologies

Reuters

Nov 19

** Shares of Stakk Ltd SKK.AX rise 14% to A$0.049, heading for their best day since late October, if gains hold

** Finance company rose as much as 27.9% earlier in session to hit highest since November 5

** Co wins 3-year contract with SoFi Technologies SOFI.O to deliver its Stakk IQ solutions to the U.S. fintech firm

** Co's Stakk IQ solution helps startups, banks and enterprise to build, launch and scale critical banking services direct to their end customers

** Says co now ahead of its forecast of A$8.0 million ($5.20 million) in annualised ARR by end of 2025 with addition of this contract, combined with a Chime Financial contract announced in October

** About 83.3 million change hands, 1.3x their 30-day average

** Stock up 600% this year, including the day's move

($1 = 1.5375 Australian dollars)

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com;))

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