QuickFee completes $4.0 million Share Placement and announces $0.5 million Share Purchase Plan
QuickFee have announced the successful completion of a A$4.0 million share placement at an issue price of A$0.10 per share to strategic, institutional, sophisticated and professional investors in a strongly supported capital raising. The placement was supported by new and existing institutional, family office and sophisticated investors.
Following QuickFee US’s highest-ever volumes in ACH, Card and Financing in March 2022, the Company has raised new capital to enable it to accelerate its proven go-to-market strategies and leverage its completed proprietary technology stack. The combination of these is already delivering higher volumes, higher yield, higher revenue and lower operating expenses, which in turn will enable QuickFee to achieve profitability.
Commenting on the placement, Eric Lookhoff, Managing Director and Chief Executive Officer of QuickFee, said, “I am delighted by the progress QuickFee has made in accelerating our path to profitability. This financial year we have grown our US Pay Now volume by 47%, US Financing volume by 14% and US BNPL volume by 83%. We have successfully increased revenue yields on our ACH, Card, and Lending volumes and at the same time reduced our operating expenses, with expected annualised savings of A$4.0 million to A$4.5 million in FY23. We have attracted industry-wide professionals to our team and completed our proprietary payment technology stack, QUBE.
“These accomplishments taken together not only accelerate our path to profitability, but have also generated a greater competitive position, particularly in the US market.
“Our capacity for continued growth in the US professional services space has attracted the support and partnership of world-class payments organisations. Participating in this capital raise is Payroc, a global credit card and ACH processor, which globally facilitates US$65billion of payments volume annually, along with the investment and continued confidence of existing major shareholders. I am grateful for their participation and that of our retail and institutional shareholders, which ensure that QuickFee is fully-funded as we continue to execute on our growth strategies and achieve near term profitability.”
Commenting on Payroc’s investment in QuickFee, James Oberman, Chief Executive Officer of Payroc said, “Our relationship with QuickFee has been a key source of growth for Payroc since 2016. We are pleased not only to have provided QuickFee merchants with valuable Card acceptance services, but also witnessed QuickFee’s impressive evolution and growth. Joining the register as a shareholder just made sense as an investment, and we look forward to our continued partnership into the future.”