Digital identity management firm identitii is reportedly planning to become the second blockchain company to list on the Australian Stock Exchange.
The firm is looking to raise $11m in advance of an ASX listing in September according to a report by StockHead. Identitii’s IPO is being facilitated via the Equitise equity crowdfunding platform, which claims the goal of the listing is to sell 14.6 million shares at 75c.
The money raised will be used in part to support development and marketing of identitii’s Serra solution, which leverages blockchain technology to help FIs fight money laundering. However, some of the investment will be kept as working capital, with smaller amounts dedicated to areas such as R&D and IPO expenses, StockHead added.
Kyckr became the first to launch a blockchain IPO on ASX back in September 2016, raising $5.2m at 20c. The RegTech helps to connect virtual identities operating on the internet to real identities in the real world for companies and individuals.
Founded in 2014 and headquartered in Sydney, identitii’s Serra solution combines distributed ledger technology (DLT), and relational and graph databases to enable auditable data exchange between FIs. Serra helps move FIs from simple, KYC, customer-level data to what identitii calls “Know Your Transaction” information – the unique identity of the transaction.
Identitii claims its technology helps lower compliance costs, accelerate payment processing, and generate potential revenue opportunities for banks.
Earlier this year, identitii partnered with Robotic Process Automation (RPA) business Blue Prism. The partnership is designed to help financial institutions securely digitise and automate corporate payment and trade transaction processes, and provide a detailed audit trail to aid the efficient and effective detection of fraudulent activities.
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