Ovanti raises $711,200 to back global fintech expansion

IOUpay Limited ( (AU:OVT) ) just unveiled an update.

Ovanti Limited has completed a capital raising of approximately $711,200 through a placement of 889 million new shares to professional and sophisticated investors at $0.0008 per share, a 20% discount to the prior trading close. The funds will be used to support global operations, legal costs, working capital and offer-related expenses, reinforcing Ovanti’s ability to pursue its fintech growth strategy in Asia and its expansion into the U.S. buy now, pay later market.

The placement, arranged by Clee Capital, was executed within Ovanti’s existing placement capacity and involves a 6% plus GST fee on funds raised, alongside the issue of options to Clee Capital subject to shareholder approval and a proposed share consolidation. This structure underscores the company’s reliance on equity markets and adviser incentives to fund its expansion, while potential dilution and option issuance will be key considerations for existing shareholders as Ovanti scales its regional and international digital payments footprint.

The most recent analyst rating on (AU:OVT) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on IOUpay Limited stock, see the AU:OVT Stock Forecast page.

More about IOUpay Limited

Ovanti Limited is a fintech and digital commerce software provider that delivers secure authentication and transaction processing solutions for institutional clients. Its core mobile technology platform supports mobile banking and digital payments for leading banks in Malaysia, as well as large telecommunications and corporate customers in Malaysia and Indonesia, and it is expanding buy now, pay later services into the U.S. market.

Technical Sentiment Signal: Sell

Current Market Cap: A$8.65M

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