29th Jul 2022 11:14
(Alliance News) - Shares in Tintra surge on Friday as it announced it is six months ahead and it intends to raise GBP25 million, as well as deliver additional patent applications.
Shares in Tintra were up 62% at 186.50 pence in London on Friday, giving it a market capitalisation of GBP27.7 million.
During the second quarter of the financial year ending January 31, the financial technology company undertook a project to fast track development, which resulted in the company being six months ahead of initial plans.
Chief Executive Officer Richard Shearer at Friday's annual general meeting said Tintra plans to raise USD25 million for not greater than 10% of the company, to scale operations in order to move the company toward launching its "major operations" in the third quarter of 2023.
"This fundraising round will see the company scale to some 130 staff members in 4 countries over the next 12 months," he said.
Additionally, Tintra plans to deliver more patent applications, which will likely be two of its primary banking licenses, as well as the full tech stack, said Shearer.
By Dominique Pretorius; [email protected]
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