iSignthis completes A$10m institutional placement

Payment and identity technology company iSignthis has completed a A$10m institutional placement.

The Australian Securities and Frankfurt Stock Exchange listed RegTech has secured a placement of 68,965,517 ordinary shares in the company to a number of sophisticated and wholesale investor.

iSignthis plans to use the new to satisfy the minimum prudential Tier 1 capital requirements for licensing of the Company’s subsidiary, iSignthis eMoney, as a PPF Provider, a special class of Authorised Deposit-taking Institution (ADI) that are authorised to undertake a limited range of banking activities. The license application is still under review by APRA and may be subject to other conditions.

The RegTech’s eMoney will also directly process and settle card payments as a scheme participant under the Reserve Bank of Australia’s Payment Card Access Regime. Earlier this year, it previously announced it has been successful in entering into a Mastercard Principal License under the Access Regime1 , and also previously announced on the 29th March 2018 its card acquiring agreement with American Express.

iSignthis provides remote identity verification, payment authentication, payment processing and fraud prevention solutions. Paydentity incorporates payment authentication with enhanced due diligence (EDD) Know Your Customer (KYC) to remotely link a person’s verified identity to an electronic payment, in order to satisfy Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulatory requirements.0

iSignthis’ subsidiary, iSignthis eMoney, trades as ISXPay, and is an EEA authorised Money Monetary Financial Institution, offering card acquiring in the EEA, Australia and New Zealand.

ISXPay is a principal member of Visa Inc, Mastercard Worldwide and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, Trustly, WeChat, AliPay and others.

Last month, the RegTech paid €400,000 (€300,000 in cash and €100,000 in shares) to purchase 100% of core banking system vendor Probanx Information Systems. Founded in 2000, Probanx develops banking software solutions to financial institutions around the globe. The company has 15 customers scattered across the EU, Asia and North America.

These include Societe Generale Bank, Novum Bank, Cayman National Bank, Housing Finance Company, Luxburg Carolath Group and Frux Private Bank, among others.

Copyright © 2018 RegTech Analyst

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