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Smartpay completes capital raising

Smartpay is the latest financial services company to shore its balance sheet with a capital raising, announcing on Friday that it had raised A$13 million via a placement.

In addition to the placement the payments company plans to undertake a share purchase plan, inviting all existing shareholders to subscribe for new shares.

Smartpay is heavily reliant on fees from a fleet of 4000 in-store payment terminals. It took a hammering when the social distancing rules were at their most restrictive, reporting on April 20 that its transaction revenue was down 40 per cent.

The company said that since then it has seen a steady recovery, with merchant transaction volumes coming back to about 75 per cent of their pre-COVID-19 level over the past few weeks.

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