6th Jun 2019 11:45
LONDON (Alliance News) - eServGlobal Ltd on Thursday said it has received the first drawdown request from HomeSend SCRL under the loan facility.
Homesend is jointly owned by eServGlobal and financial services provider Mastercard Inc.
In mid-May, eServGlobal entered into a loan facility agreement with Homesend for the purpose of "funding the pre-payment timing gaps" in the platforms settlement model. The facility is for a total of EUR20 million, with eServGlobal providing EUR7.1 million.
The digital transactions technology company said the total drawdown is for EUR2.0 million, with eServGlobal providing its proportionate share in the amount of EUR713,681.
In terms of Homesend's performance, the company said its percentage of payments terminating to a bank account destination on the HomeSend network in March grew to 48% of gross transaction value flows across the platform. This represents an increase from the 32% recorded in December 2018.
eServGlobal said it expects to provide further commentary on HomeSend's performance for the second quarter in August.
eServGlobal shares were trading 0.8% lower on Thursday at 6.00 pence each.