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Aussie-listed Way2VAT (ASX:W2V) has secured a strong commitment from Moneta Seeds LP, an Israeli venture capital fund which focuses purely on the global fintech/insuretech industry.
Founded in 2015, Moneta is led by the tech investor and serial entrepreneur, Adoram Ga’ash, currently a non-executive chairman at W2V.
Moneta Seeds is placing an additional $300,000 at $0.051 per share into the only Aussie-listed fintech company providing a fully automated, end-to-end VAT/GST reclaim solution.
It’s the same issue price as W2V’s successful $1.09 million placement to institutional and sophisticated investors which included a $10,000 placement to Robert Edgley, announced back on June 8.
W2V says the funds will primarily be used on Smart Spend Debit MasterCard initiatives – including to accelerate growth in the UK and European markets as well as investing in the development of Way2VAT’s proprietary technologies.
W2V expects to dispatch a notice of meeting for the AGM where, among other things, the company will seek shareholder approval to:
Way2VAT CEO and founder, Amos Simantov, shared his thanks with shareholders and current board members, for their continued support through the placements and the SPP.
“This represents a strong personal and financial endorsement of Way2VAT’s strategic plans.
“These commitments are central to the accelerating rollout of our Smart Spend Debit MasterCard and developing our proprietary technologies that keep us at the forefront of innovation when it comes to the fully automated end-to-end collection of VAT and GST reclaims in more than 40 countries.”
Ga’ash said the company is ready to drive into a period of growth.
“With Smart Spend Debit MasterCard rollout accelerating, enterprise client and SMB customers and partners increasing – as well as our acquisition of the Spanish VAT and corporate expenses reclaim company DevoluIVA (and its network of more than 130,000 merchants across Spain) – we’re ideally placed.
“Way2VAT is on the cusp of an exciting period of growth. While the placement is a strategic investment for Moneta Seeds, it shows interest in Way2VAT’s innovation that puts it at the forefront of the sector, and the value it brings to a wide variety of companies who need its service.”
Regarding the additional funds to be received pursuant to the placement, W2V will close the Share Purchase Plan (SPP) to eligible shareholders that was intended to raise up to $500,000 early, with a revised SPP closing date of 24 August 2022 and W2V shares expected to settle on 26 August 2022.
As previously advised on 8 June 2022, current board members David Buckingham and Amos Simantov are participating in the SPP.
This article was developed in collaboration with Way2VAT, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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