Kyckr jumps 90pc after Richard White investment
WiseTech chief executive and Rich Lister Richard White has become the cornerstone investor in regulatory technology company Kyckr, triggering a jump of more than 90 per cent in the company’s share price on Thursday.
Speaking to The Australian Financial Review, Mr White said he backed Kyckr because he could see more opportunities for the company beyond its initial market in the banking sector.
“Pretty much everyone in the world needs to understand who their customers are. They have many more opportunities than they originally imagined and I’ve already spoken to them about this,” he said.
“The product is strong and they just need to get into some adjacencies … there’s a massive upside.”
Kyckr, which has created a global business register that helps companies meet their Know Your Customer and Anti-Money Laundering obligations, announced on Thursday that Mr White had bought into its $5.2 million placement and had acquired a 19.6 per cent shareholding in the business.
The announcement saw investors push the ASX-listed company’s share price up 90.5 per cent to 20¢.
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