UK-based cross-border payment solution provider Earthport has reportedly bagged $25m through sale of placing shares sale.
The company has sold 125 million placing shares to existing investors and new institutional shareholders, and represents around 20.4 per cent of Earthport’s issued share capital, according to an article by Finextra.
Of the shares available, Oppenheimmer Funds subscribed for just over 22 million and will hold around an 18.2 per cent share of the company, the article states.
Earthport is a global payments solution provider, which helps banks and businesses from over 65 countries access cross-border transactions. The platform, which is regulated by the FCA, is easy to integrate across a range of formats and handles FX payments either through singular transactions or bulk.
Earlier this month fellow cross-border payment service Payoneer raised $180m in an equity round led by Technology Crossover Ventures. The investment will be used to help the company further its international growth efforts.
Another recent investment in the cross-border payments sector was SingX’s $4.5m funding round, which will help the company continue to launch its offering to Malaysia and Hong Kong.
The payments and remittances sector had received the highest number of deals in the UK since 2014, with it holding just over a fifth of the total number.
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