Identitii lists on ASX
Identitii Limited (ASX: ID8), an Australian FinTech enabling the secure overlay of transaction level detail on top of financial messages using a private blockchain, commenced trading on the ASX today at 11.00am AEDT. The listing follows a fully underwritten $11 million raising at $0.75 per share. 14,666,666 shares were issued for an undiluted market capitalisation at listing of $40 million. The Company is also pleased to announce the appointment of Clare Rhodes as Chief Marketing Officer and Mark Garvie as Chief Commercial Officer.
Funds raised from the IPO will go towards further development and commercialisation of Identitii’s platform, already in use at a global bank, as well as to appointing key resources in business development, marketing, account management and professional services. Four leading institutional fund managers were cornerstone investors for $9m of the IPO. KTM Capital and Canaccord Genuity acted as Joint Lead Managers, with KTM Capital fully underwriting the $11 million raising.
Identitii is solving a multi-million-dollar problem for banks, who combined send approximately 25 million messages over existing payment networks every day. These legacy networks currently limit the amount of detail that can be shared in messages, resulting in high rates of payments being held up for manual verification and investigation.
The Identitii platform is built on a private blockchain and provides a way for banks and corporates to securely overlay documents and information on financial messages moving via the existing infrastructure, using Identitii tokens. This additional transaction level detail (termed ‘KYT’ – “Know Your Transaction”) results in a higher rate of payments being settled first time, faster reconciliation, significantly decreased risk and an improved customer experience.
“The need for enriched information to be shared between financial institutions and corporates is being driven by changing regulations and a push for faster and more transparent communication between counterparties,” said Nick Armstrong, CEO, Identitii. “The opportunity to help banks and corporates achieve the visibility they need into their financial transactions is what we are solving at Identitii, and it is a solution that has been validated by both the legacy networks we enhance, and the financial institutions that use them. The funds raised today will enable us to continue to support this evolution in the markets, further commercialising the Identitii product suite.”
Founded in 2014, Identitii participated in the 2015 FinTech Innovation Lab Asia-Pacific. It also jointly won the 2016 SWIFT Innotribe Industry Challenge on Compliance which led to a successful pilot with SWIFT, during which Identitii delivered an estimated average saving in manual processing costs of $15 million per institution. The SWIFT pilot also led to Identitii’s first customer, a major global bank.
Funding support was provided by the Australian Government under the Accelerating Commercialisation element of the Entrepreneurs’ Programme.
Senior Appointments to Drive Growth
Identitii has appointed two new senior management roles to accelerate growth and drive its “go-to-market” strategy.
Mark Garvie appointed as Chief Commercial Officer (CCO)
Mark Garvie will drive the commercial and “go-to-market” strategy for Identitii. He has a proven track record of building and growing technology companies with a particular focus on the financial services industry. Having lived and worked in Hong Kong for most of his career, he is instrumental in supporting Identitii’s local, regional and global clients, and in driving the company’s commercial growth both within Asia Pacific and the rest of the world.
Clare Rhodes appointed as Chief Marketing Officer (CMO)
Clare Rhodes joins Identitii having spent her career helping financial services and technology companies in the U.S., UK, Asia and Australia take advantage of growth opportunities and reach their full potential. Clare brings a wealth of international experience and a deep understanding of what drives financial technology purchasing decisions, to help drive Identitii’s “go-to-market” and growth plans both locally and globally.
