ID8: Identitii Lists on the ASX

Identitii Limited (ASX: ID8) will commence trading on the ASX today at 11.00am AEDT. The listing follows a fully underwritten $11 million raising at $0.75 per share. 14,666,666 shares were issued for an undiluted market capitalisation at listing of $40 million. The Company is also pleased to announce the appointment of Clare Rhodes as Chief Marketing Officer and Mark Garvie as Chief Commercial Officer.

Funds raised from the IPO will go towards further development and commercialisation of Identitii’s platform as well as to appointing key resources in business development, marketing, account management and professional services. Four leading institutional fund managers were cornerstone investors for $9m of the IPO. KTM Capital and Canaccord Genuity acted as Joint Lead Managers, with KTM Capital fully underwriting the $11 million raising.

Identitii aims to solve a multi-million-dollar problem for banks, who combined send more than 25 million messages over existing payment networks every day. These legacy networks currently limit the amount of detail that can be shared in messages, resulting in high rates of payments being held up for manual verification and investigation.

The Identitii platform is built on a private blockchain and provides a way for banks and corporates to securely overlay documents and information on financial messages moving via the existing infrastructure, using Identitii Tokens. This additional transaction level detail (termed ‘KYT’ – “Know Your Transaction”) results in a higher rate of payments being settled first time, faster reconciliation, significantly decreased risk and an improved customer experience.

“The need for enriched information to be shared between financial institutions and corporates is being driven by changing regulations and a push for faster and more transparent communication between counterparties,” said Nick Armstrong, CEO, Identitii. “The opportunity to help banks and corporates achieve the visibility they need into their financial transactions is what we are solving at Identitii, and it is a solution that has been validated by both the legacy networks we enhance, and the financial institutions that use them. The funds raised today will enable us to continue to support this evolution in the markets and further commercialise the Identitii product suite.”

Founded in 2014, Identitii participated in the 2015 FinTech Innovation Lab Asia-Pacific. It also jointly won the 2016 SWIFT Innotribe Industry Challenge on Compliance which led to a successful pilot with SWIFT, during which Identitii delivered an estimated average saving in manual processing costs of $15 million per institution.

Funding support was provided by the Australian Government under the Accelerating Commercialisation element of the Entrepreneurs’ Programme.