Earthport places 55.2m shares to accelerate growth and expansion

Earthport, a cross-border payments company, has placed around 55.2m new ordinary shares at 14.5p each, the proceeds of which will be used to accelerate growth, for geographic expansion and representation, continued execution of direct sales strategy and increase sales channel partner programme.

Gross proceeds of £8.0m were raised by both existing and new institutional investors.

Hank Uberoi, Executive Director, Earthport said: "Earthport has achieved significant progress over the last year, with several major customer signings and go lives. In addition, network coverage expanded and transaction volumes increased throughout the year and have continued to do so post the year end. The additional funds will be used to continue to accelerate the growth of the business, and in particular drive further geographical expansion, direct sales and channel partner programmes.

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"We are delighted to have had such strong support both from new and existing shareholders; the response to this placing underlines the continued support and belief that the company and its shareholders have in the objectives and potential of the business."

NR