Enterprise funds fintech Limepay has raised $21 million within the first section of its pre-IPO capital elevate from present and new excessive web worth and institutional buyers.
The elevate will deliver Limepay’s complete funding to almost $30 million inside one 12 months of its preliminary seed funding accomplished in December 2019, and can be used to scale up Limepay’s gross sales, advertising and marketing and partnerships operations, whereas enhancing and increasing its merchandise, administration staff, and steadiness sheet funding of working capital.
The elevate additionally happens at a vital level for Limepay after it just lately launched with a sequence of main retail companions, together with EB Video games and PUMA, who’re all anticipated to strongly profit from elevated gross sales on Black Friday and over the Christmas spending season.
Ord Minnett acted as lead supervisor, supported by Prime Monetary as company and monetary adviser to Limepay, and extra institutional funding is anticipated to observe in early 2021.
“The entire Limepay team is very pleased with the success of the pre-IPO raise, and thanks existing and new investors for participating in the round,” says co-founder & CEO, Tim Dwyer (pictured above, left).
“We imagine the assist and powerful curiosity obtained from buyers is testomony to Limepay’s differentiated providing, which is exclusive within the world BNPL market. Limepay’s unified checkout resolution and white-labelled BNPL facility for retailers is effectively positioned to develop into a number one and transformative innovation within the digital funds sector.
“Limepay’s pre-IPO raising is understood to be one of the largest fintech pre-IPOs completed in the Australian market, and is anticipated to potentially grow further as we continue discussions with additional institutional and strategic investors. The cash injection will provide Limepay with the balance sheet liquidity and operational flexibility required to meet its business objectives as we work towards an IPO in 2021.”
Limepay just lately signed with PUMA, who’s already seeing over 10 % of its transaction quantity going by way of its Limepay ‘Pay Plans’ possibility. EB Video games additionally just lately launched a Limepay-powered native funds model, “Bl!p”, permitting it to keep up a direct cost relationship with its loyal gaming neighborhood.
The latest Chinese language ‘Singles Day’, and subsequent Black Friday gross sales mixed with constant onboarding of latest retailers have seen Limepay obtain quarter-on-quarter development in extra of 250 per cent, and underlying service provider gross sales soar previous $95 million on a 7-day annualised run-rate foundation.
Limepay’s pre-IPO funding spherical will allow it to maneuver ahead with the execution of its enterprise development plans while permitting the flexibleness to usher in extra institutional buyers forward of the deliberate IPO in 2021.
“We currently have several new institutional investors who are still assessing the opportunity,” continued Mr. Dwyer. “Nonetheless, as with all we do, we’re taking a measured and strategic strategy to this elevating in in search of out the absolute best final result for our buyers as we work in direction of an eventual IPO.
“We are very appreciative of all our investors who have shown so much support as we strive to become one of the world’s leading enterprise payments and BNPL companies, and we are excited by the prospect of welcoming additional institutional and strategic investors in the new year.”
Limepay has just lately made a sequence of latest appointments, together with former International Head of Expertise Acquisition and Organisational Design – Development at Zip Co, Claire Alexander, who will be part of Limepay in December as Head of Individuals & Tradition.
Claire can be joined by Mark Ledsham who’s at present primarily based in London as CEO of XE.com (a part of the Euronet Worldwide Digital Group) and can return to Sydney to start as CFO in January 2021.
Limepay’s board has additionally been bolstered by the appointment of Willie Pang, CEO at MediaCom Australia, who has taken up an unbiased Non-Govt Director function.