Strong demand from investors has helped Australian fintech company Registry Direct raise $1.4 million through a well-supported placement.

The company, which provides share registry solutions through its software-as-a-service (SaaS) platform to a number of high-profile clients, including Facebook, Starbucks, Tesla and Adobe, raised a total of $1,413,120 before costs to fuel its growth plans.

Chair Matthew Cain said he was delighted with the results of the “heavily supported” capital raising effort.

“The additional funding provides Registry Direct with the financial flexibility to meet our stated corporate objectives into the 2022 calendar year,” he said.

Registry Direct raised the money through the issue of 52,337,757 new shares at an issue price of $0.027 each, leaving the company with $2.7 million in cash before costs.

These funds will be used to increase the range of different businesses that Registry Direct can service and to grow revenues from its service business.

The company will also seek to grow its client platform acquisitions using the capital.

Additionally, the company will invest in making its technology integrate into other platforms to “significantly increase the ease of adoption” for prospective clients and help bolster market awareness of the company.

The raise comes after the company reported its largest-ever quarterly sales growth in the September quarter, with a net 96 new fee-paying clients added to the company’s books during the three-month stretch.

Registry Direct noted it took approximately three and a half years for the business to acquire its first 96 fee-paying clients after launching in June 2013.

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Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Registry Direct and will receive fees for its services

Sources

• RD1 ASX Announcement, Successful Completion of Placement
• RD1 ASX Announcement, Quarterly Activities Report And Appendix 4C