Kyckr launches $10m raising

Technology company Kyckr is raising up to $10 million from a placement and share purchase plan, with the Sydney-based firm planning to use the funds to build on recent international sales.

Kyckr is planning to increase demand for its Know Your Customer (KYC) solutions product and invest in product development, as well as expand its enterprises sales team.

"Our strategy is focused on building our enterprise channel and partnership model, and the additional funds will be used to ensure Kyckr has the financial flexibility to pursue growth as the need for increased digitisation for KYC data increases," chief executive Ian Henderson said.

The company will issue 100 million shares priced at 8 cents each, with the placement to be managed by Bell Potter Securities.

Kyckr will issue further shares under a purchase plan to raise up to $2 million.

The company is currently trading at 10 cents per share.