- Australian receivables management solution provider Credit Clear (CCR) raises around $7.5 million from new and existing institutional shareholders via a placement
- The placement includes the issue of around 17.4 million shares at 43 cents per share, a 6.5 per cent discount to the last close
- Funds will be used to streamline Credit Clear’s client onboarding capabilities, creating efficiencies in the deployment of the platform to new clients and expedite revenue generation
- The company reconfirms in its statement that it will be profitable by July 2022
- Shares in Credit Clear are down 2.17 per cent, trading at 45 cents as of midday AEST
Australian receivables management solution provider Credit Clear (CCR) has raised around $7.5 million from new and existing institutional shareholders through a placement.
The company issued shareholders around 17.4 million shares at 43 cents each, a 6.5 per cent discount to the last closing price.
Credit Clear plans to use the funds to streamline its client onboarding capabilities, creating efficiencies in the deployment of the platform to new clients and expedite revenue generation.
CEO Andrew Smith said Credit Clear is winning new business at a faster rate than he has ever previously experienced in this receivables management solution industry.
“This is because of our technological advantage that can provide clients with an immediate uplift in performance.
“We also win business because our technology is supported by a full-service offering, where we bring a modern and holistic end-to-end approach to account receivables management.”
The CEO’s statement can be reflected by a separate announcement made today which noted a 136 per cent increase in active customer accounts from June 2021.
Mr Smith also called the increased volume of new clients a “fantastic problem” that needs to be solved as the onboarding process could not cope.
“The additional capital raised will allow us to quickly build a scalable solution to client onboarding that allows the business to grow unrestrained into the future in Australasia and internationally.”
The new shares subscribed under the placement are expected to settle on June 9, with allotment and normal trading to commence on June 10.
The company has also reconfirmed that it will be profitable by July 2022 and the new business won in May is expected to add $1.55 million in new revenue over the next 12 months.
Shares in Credit Clear were down 2.17 per cent, trading at 45 cents as of 12:02 pm AEST.