iSignthis Raises $10 Million from Institutional Share Placement

iSignthis, a payment and identity verification technology company, announced on Monday that it has raised AU$10 million ($7.2 million) before costs from securing placement of 68,965,517 ordinary shares. The shares were bought by a number of wholesale and sophisticated investors at a price of AU$0.145 per share.

The securities are expected to be issued on Monday, October 8, 2018. Petra Capital and Merchant Corporate Advisory jointly led the placement. The new shares will rank equally with the existing fully paid ordinary shares in iSignthis.

iSignthis Aims to Perform Certain Banking Functions Like PayPal

Recently, the firm applied to perform certain aspects of banking as a Provider of a Purchased Payment Facility (PPF Provider) from the Australian Prudential Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term Authority (APRA) for its subsidiary iSignthis eMoney (AU) Pty Ltd (“ISEMAU”). Its license is still currently under review by the regulator.

According to the statement released by the company, it will use the capital to satisfy the minimum Tier 1 capital requirements to secure the license as a PPF Provider. A PPF Provider is a special class of an Authorized Deposit-taking Institution (ADI), an institution that is allowed to perform a limited range of banking activities.

iSignthis expects the conditions for the license to be similar to what was expected of Paypal Australia Pty Limited, which is currently the only PPF Provider ADI licensed by APRA. However, the company states that its application may be subject to other conditions.

As part of the license, ISEMAU will directly process and settle card Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term as a scheme participant under the Reserve Bank of Australia’s Payment Card Access Regime.

Recently, iSignthis has been expanding its reach not only in Australia - but across the world. In September, Finance Magnates reported that is has signed an agreement with Prasos – a cryptocurrency service provider in Finland. As per the agreement, Prasos will use iSignthis’ PaydentityTM to process payments and for identity verification services.