Payment solutions provider Emerchants has raised $7.5 million to fund an expansion of sales, marketing and product development initiatives.
The company today announced it had completed the placement to institutional and sophisticated investors, which was priced at 33 cents per share.
Emerchants said it would use the proceeds to expand its network capacity, increase its sales and marketing budget, invest in product development and boost working capital.
Managing director Tom Cregan said the company was delighted to welcome a number of new investors to its share register.
“The high level of interest in our business shows that institutional funds see the potential of the prepaid debit market and believe in our vision of creating a business and an industry that has a long and sustainable future,” Mr Cregan said.
“This additional capital allows us to ramp up our expansion efforts and to further invest in sales and marketing initiatives with a view to building future payment volumes.”
At close of trade today, Emerchants shares were up 2.8 per cent, at 36.5 cents.