Monetary crime prevention small cap Identitii (ASX:ID8) has bought its remaining stake in joint-venture fintech Payble to current investor OIF Ventures for $1.6 million.
Payble, based in 2020 by CEO Elliott Donazzan, is a funds platform for native authorities funds utilizing QR codes and now has 50 prospects, together with 4 New Zealand councils after launching on the jap aspect of the Tasman Sea earlier this 12 months. There are greater than 500 councils in Australia. Round 200,000 folks use Payble.
The fintech is eyeing off the UK market in 2026.
Payble was a JV between ASX-listed Identitii, the place Donazzan labored beforehand, and the Commonwealth Financial institution’s VC arm, x15 Ventures, which tipped in one other $700,000 in 2021.
OIF Ventures joined the cap desk in late 2023 when it led a $3.5 million spherical that took Payble whole Seed elevate to $6 million. Whereas the secondary market sale provides the VC a bigger stake within the enterprise at round 40% alongside x15 and Donazza with an equal share, it provides no working capital to Payble.
OIF’s Oliver Darwin mentioned they consider Payble has the large potential to rework how communities interact with their councils, having first invested when Payble had 12 prospects.
“Reaching 50 council prospects so rapidly, together with sturdy traction in New Zealand, is proof of each product-market match and an impressive staff. We’re excited to extend our funding and assist Payble because it continues its development journey,” he mentioned.
Donazzan mentioned reaching the half ton was a milestone that exhibits demand for higher cost experiences in native authorities.
“Having OIF improve their stake is a powerful vote of confidence, and we’re thrilled to maintain constructing on this momentum collectively, together with exploring growth into the UK subsequent 12 months,” he mentioned.
In the meantime, having offloaded its stake in Payble, Indetitti plans to spend the money injection from the sale on the expansion of its threat and compliance platform BNDRY.
In April, the corporate signed a partnership cope with digital market Cherry Hub to supply an anti-money laundering and counter-terrorism financing compliance resolution to Australia’s gaming venues, golf equipment and inns, and the contemporary capital will concentrate on that mission.
Identitii CEO John Rayment mentioned the $1.6 million provides the enterprise runway into 2026.
“We’re experiencing important demand for our Cherryhub partnership resolution, leveraging their trade connections and expertise,” he mentioned.
“Distinctive to our resolution is entry to crucial trade information, together with gaming machine system, venue membership and workers commentary information, all out there by way of our direct connection to Cherryhub. This provides the Cherryhub x BNDRY resolution a definite benefit, at a time when regulatory scrutiny is critical.”
Identitti shares fell 12.5% on the information on Wednesday, to shut at $0.007 of a cent, however file in Thursday morning commerce to return to $0.008 of a cent.
