Patricia Technologies, a resilient and forward-looking financial services technology firm has signed on DLM Trust Company, a leading SEC licensed Trustee company to initiate and manage the process of repayment of funds to depositors as part of a wider strategic plan aimed at reassuring depositors of the safety of their funds and rebuilding trust.
This collaboration is a significant milestone in the ongoing phased journey to reposition the business and reinforce Patricia's commitment to its customers.
Following an earlier announcement of the strategic partnership by DLM Trustees, the CEO and Founder of Patricia, Hanu Fejiro affirmed the development, “This partnership is part of our efforts to rebuild trust and reassure depositors of our commitment to repaying them fully and fairly. DLM Group is a reputable and experienced trustee company that will play a crucial role in ensuring that the repayment process is transparent, efficient, and equitable.”
Patricia Technologies experienced a major setback when it fell victim to a cyberattack that resulted in the loss of depositors' funds. As a precautionary measure, Patricia temporarily restricted withdrawals on its platform to address the situation and protect the interests of its users. The incident was a challenging period for Patricia, its users, and stakeholders.
Since the cyberattack, Patricia Technologies has been unwavering in its efforts to recover and regain the trust of its users. The company has diligently pursued a comprehensive strategy to raise capital through a combination of debt and equity, and it is now ready to take the next step forward.
"We are pleased to partner with DLM Group to manage the repayment of our depositors funds," said Fejiro. "We are confident that they will help in the management and repayment of our depositors in a timely and efficient manner. With this development, we believe our customers will get the comfort and reassurance they need that we are in this for good, and we have their best interest at heart."
As a licensed SEC Trustee, DLM Trust Company brings a wealth of knowledge and expertise to this partnership. Their primary role is to ensure that the process of repaying depositors' funds is transparent, secure, and in compliance with all relevant regulations.
DLM Trustee CEO and Managing Director, Lola Raazaq, reiterated her team’s commitment to the partnership. "We are committed to helping Patricia Technologies repay its depositors and rebuild trust.” She noted. “We have a proven track record of managing complex financial transactions, and we will use our expertise to ensure that the repayment process is fair and transparent," Lola Raazaq reassured.
Furthermore, DLM Group will provide advisory services to Patricia Technologies, offering guidance and support as they navigate the complex path of rebuilding trust and enhancing their financial operations. The partnership underscores the commitment of both companies to secure the interests of Patricia's users, and ensure a brighter and more resilient future.
“This partnership is a testament to Patricia's resilience and resolve to come out stronger and better. The company is committed to making things right for its depositors, and is confident that it will be able to do so with the support of DLM Group. ” Fejiro added.
As a demonstration of its resolve to stay for good and commitment to its depositors, having worked remotely for a number of months to reinforce its systems, Patricia is preparing to relaunch its platform at a date to be announced soon as part of the broader strategic plan for the company to reclaim its place in the market.
"In the coming days, a disbursement strategy and plan will be communicated, along with our e-launch plan” Hanu concluded.
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