Grounds, Paradice dive into blockchain software float Identitii

The big end of town is piling into a small payments security firm’s initial public offering in the expectation they may have unearthed the next big thing.

Street Talk understands UBS Australia chief executive Matthew Grounds, veteran fund manager David Paradice and Sydney-based institutional investors KIS Capital, Terra Capital and KTM Ventures are among the names lining up for a piece of ASX-hopeful Identitii.

Identitii is a blockchain software company founded by Australians Nick Armstrong and Eric Knight.

Its software is aimed at helping banks and other international payments providers comply with anti money laundering policies by attaching messages to each transfer saying exactly who is making the payment and why.

Identitii is an add-on to the SWIFT payments network, which is the payments system behind most international transfers, and has bank-to-bank and bank-to-corporate products both aimed at helping customers better know their clients.

It is understood potential backers have been told Identitii has already one of the largest global banks as a customer.

And now it is lining up for an Australian Securities Exchange listing.

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Source: Grounds, Paradice dive into blockchain software float Identitii | afr.com