OnCard yesterday said it decided to shelve a proposed $30 million capital raising "due to the depressed state of the markets". The capital raising would have more than doubled shareholders' funds.The Melbourne-based but largely China-centred gift cards and aspiring payments processor says it exceeded goals set for its businesses, though revenue growth is not emerging as quickly as the number of cards issued.OnCard said that over 18 months it lifted the number of cards "issued or under management" to 16 million from five million. Most of those cards are issued through associated companies. However, over 12 months OnCard lifted core operating revenues by only about one sixth, to around $6 million.The firm made about half its profit from "financial asset trading" according to the financial statements for the 2008 financial year. Net profit, including those gains, increased to $3.2 million in 2008 from $1.3 million in 2007.