Kyckr has raised $5.3 million ($5 million after expenses) at 14 cents per share in a placement led by Bell Potter Securities.

The ASX capital raising follows a $2 million raising in October 2017, after Kyckr added Bloomberg and IBM to its client roster.

The $5 million raised will be used to hire business management and account management staff, invest in machine learning and AI product development as well as "general working capital purposes".

Kyckr executive chairman Benny Higgins said: "Kyckr continues to attract quality investors who believe that our capabilities and proposition position the business for success in the ever increasingly complex world of anti-money laundering and 'know your customer'".

The raising will occur in two tranches, the first of which is approximately 38.2 million new fully ordinary shares at 14 cents per share equating to $3.9 million which is due to be settled on Tuesday, 26 June 2018.

The second $14 million-tranche of 10 million shares at 14 cents includes participation by Mr Higgins of one million shares, and is targeted for settlement in early August.

 

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