Germany: BaFin Said to Approve First Cross Border Security Token Offering in ParkinGO

The German Federal Financial Supervisory Authority or BaFin, has approved the first cross-border security token offering (STO) for ParkinGO, according to the company.

ParkinGO will be issuing digital securities on the token issuance platform STOKR based in Luxembourg.

Retail investors in Germany, along with investors from 21 European countries, may now participate in the digital security offering of ParkinGO.

BaFin has already approved several STOs but STOKR states this is the first “truly negotiable equity instrument.” The security will be available for secondary transactions with all rights attached to the digital asset.

STOKR says it makes this possible by allowing issuers to maintain their investor register on-chain, on a decentralised network.

The digital security of ParkinGO, or “GOTS,” are both issued and trading using blockchain technology.

ParkinGO is a business in the mobility and airport parking sector. The company is currently active in 9 European countries with approximately 2.7 million customers.

Founded in 1995, ParkinGO is an Italian enterprise that took advantage of the opportunity of car parking next to a growing Milan Malpensa airport, with an increasing flow of travellers using low-cost and international flights. The business is said to have thrived. Currently, ParkinGO provides parking at airport, port, and train stations across 90 locations in Italy and Europe.

ParkinGO offers both institutional investors (via a private offering) and retail investors (via a public offering) the possibility to invest in their company, through a Luxembourg-based special purpose vehicle, in return for a share of their revenues.

GOTS are a unique hybrid-equity instrument where ParkinGO commits to sharing a percentage of their annual revenue with the investors. GOTS are issued on the Ethereum blockchain using the STOKR Framework, an ERC-20 compatible smart contract framework, developed by STOKR.

As of today, ParkinGo is reporting 15 investors having committed €191,318 in the public offering that may accept up to one million Euros.  The private sale to professional investors is ongoing (totals announced once the offering has closed). Investors may expect a 10% revenue share in accordance to the offering terms.

Davide Rovelli, CEO at ParkinGO, said that security tokens can enable a new way of financing. The regulatory approval from BaFin “boosts our confidence tremendously during this fundraising process.”

Tobias Seidl, Product and Regulatory lead at STOKR, said they were proud to have developed a true alternative for SMEs to raise growth capital that is also attractive to investors:

“BaFin’s approval is a major milestone for all SMEs & start-ups and shows that European capital market laws are already adapted to this new form of financing.”

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