Identitii to raise $11m in blockchain IPO
The firm will seek to raise $11 million in advance of an ASX listing in September.
The goal of the IPO is to sell 14.6 million shares at 75 cents. The money raised will be used in part to support development and marketing of identitii’s Serra solution, which leverages blockchain technology to help FIs fight money laundering. A comparable amount will be kept as working capital with smaller amounts dedicated to areas such as R&D and IPO expenses.
Identitii’s IPO is being facilitated via the Equitise equity crowdfunding platform.
Founded in 2014 and headquartered in Sydney, identitii’s Serra solution combines distributed ledger technology (DLT), and relational and graph databases to enable auditable data exchange between FIs.
The firm says the technology helps lower compliance costs, accelerate payment processing, and generate potential revenue opportunities for banks.
in May, identitii partnered with robot automation company Blue Prism. Together the companies will develop solutions to help FIs better fight fraud via digitised automated corporate payment and trade transaction processes.