KYC provider Kyckr raises $5m

Kyckr, a Know Your Customer RegTech provider, has raised $5.3m via a placement from a small group of institutional and sophisticated investors.

The ASX-listed company has raised $5m after expenses in a placement led by Bell Potter Securities. It will used the new capital to hire business management and account management staff, invest in machine learning and AI product development as well as “general working capital purposes”.

Kyckr executive chairman Benny Higgins said: “Kyckr continues to attract quality investors who believe that our capabilities and proposition position the business for success in the ever increasingly complex world of anti-money laundering and ‘know your customer’”.

According to the ASX statement, the raising will occur in two tranches, the first of which is approximately 38.2 million new fully ordinary shares at 14 cents per share equating to $3.9m which is due to be settled on Tuesday, 26 June 2018.

The second $1.4m-tranche of 10 million shares at 14 cents includes participation by Mr Higgins of one million shares, and is targeted for settlement in early August.

Back in October, Kyckr raised $2m through a placement of ordinary shares, bringing in IBM and Bloomberg to its client roaster, joining the likes of Citi Group and Bank or Ireland.

Kyckr provides automated technology solutions to improve the efficiency and effectiveness of Corporate KYC. The company’s data management solutions are used to help its mainly banking clients to comply with the rules around anti-money laundering and counter terrorist financing. Its solutions are connected to over 200 regulated primary sources, in over 120 countries, providing real-time company registry information on over an estimated 80 million businesses globally.

Copyright © 2018 FinTech Global

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