Blockchain startup Identitii, which helps banks improve cross-border payment compliance, has raised $11m through its IPO.
The company’s shares have commenced trading on the ASX following the successful completion of a fully underwritten IPO, raising $11m at $0.75 per share. Over 14 million shares were issued with a market capitalisation of $41m.
KTM Capital and Canaccord Genuity acted as Joint Lead Managers, with KTM Capital fully underwriting the $11m raising.
Based in Sydney, Australia, Identitii said the new funds raised from the IPO will go towards further development and commercialisation of its platform as well as to appointing key resources in business development, marketing, account management and professional services.
The Identitii platform is built on a private blockchain and provides a way for banks and corporates to securely overlay documents and information on financial messages moving via the existing infrastructure, using Identitii Tokens.
It claims this additional transaction level detail (termed ‘KYT’ – “Know Your Transaction”) results in a higher rate of payments being settled first time, faster reconciliation, significantly decreased risk and an improved customer experience.
“The need for enriched information to be shared between financial institutions and corporates is being driven by changing regulations and a push for faster and more transparent communication between counterparties,” said Nick Armstrong, CEO, Identitii.
“The opportunity to help banks and corporates achieve the visibility they need into their financial transactions is what we are solving at Identitii, and it is a solution that has been validated by both the legacy networks we enhance, and the financial institutions that use them. The funds raised today will enable us to continue to support this evolution in the markets and further commercialise the Identitii product suite.”
Following the funding, Identitii has appointed two new senior management roles to accelerate growth and drive its “go-to-market” strategy.Mark Garvie has been appointed as Chief Commercial Officer, with Clare Rhodes taking on the role as Chief Marketing Officer.
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