11th May 2015 10:09
LONDON (Alliance News) - Vipera PLC Monday said it has raised GBP2.7 million in a share placing that provides it with funds for sales and marketing, product development and working capital.
The subscription is conditional on receiving advance assurance from the UK's tax and customs authority that the subscription shares will qualify for venture capital trust and Enterprise Investment Scheme status, which are tax benefits provided by the UK government to encourage investment into smaller companies. Vipera expects to receive confirmation "in the near future".
"The funds raised will ensure we have the right resources to capitalise on the heightened demand for mobile software services which continues to empower both banking and financial services communities with a new range of tools that are increasingly critical for customer conversion, card management and brand loyalty," Chief Executive Marco Casartelli said in a statement.
Vipera will issue 59.7 million new shares at a subscription price of 4.5 pence per share with new and existing institutional investors.
Separately, the mobile financial services company said it has launched a mobile card control service to a "leading German Bank, headquartered in Frankfurt", marking its second launch in the German market in the last six months. The service is provided with a "leading global payment processing and transaction company" to enable card holders to use their smart phones to take advantage of card monitoring, transaction and management functions.
Vipera reported a pretax loss of EUR761,829 in 2014, compared with EUR125,554 in the prior year, the loss widening as higher operating expenses more than offset an increase in revenue.
Vipera shares were down 2.4% at 5.00 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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