The company has issued 166 million fully paid ordinary shares for the first tranche, with the second tranche of about 111.8 million fully-paid shares expected to be issued on or around September 29, 2020.
This is subject to the approval of shareholders at the companys annual general meeting, which is expected to be held on or around Friday, 25 September 2020.
Securing new SaaS clients
The management app company said the funds, together with its existing cash, would go towards securing new SaaS banking clients organically and through the recently announced Visa and Fundation partnerships.
Chief executive Adrian Grant said: “This capital raise secures our cash runway into FY23, enabling us to focus on continuing to support SMBs, evolve our platform and deliver new bank customers through key global partnerships.
“We were supported by existing institutional shareholders and are pleased to welcome several new Australian-based institutional investors to the register.”
Growing global partnerships
Talks are also underway with potential new banking clients through the Visa partnership.
Grant said that over the past 18 months, the company has worked hard to ensure the platform can deploy and scale globally – and that 9SP can partner at scale.
He said: “Discussions with potential new banking clients under the Visa partnership are already underway and we see this as a great opportunity, given Visa has a global distribution network of 15,500 financial institutions.Read More – Source