Sign up Australia
Proactive Investors - Run By Investors For Investors

Midpoint Holdings Ltd brings in over $480,000 with first tranche of financing

Payments and money transfer specialist Midpoint Holdings Ltd has raised $480,760 from the first tranche of the previously announced private placing, it said.
Midpoint Holdings Ltd brings in over $480,000 with first tranche of financing
Midpoint has created an online marketplace that, for a fee, matches buyers and sellers of foreign currency at the midpoint of the relevant currency pair interbank rate..

Payments and money transfer specialist Midpoint Holdings Ltd (CVE:MPT) has raised $480,760 from the first tranche of the  previously announced private placing.

Midpoint has created an online marketplace that, for a fee, matches buyers and sellers of foreign currency at the midpoint of the relevant currency pair interbank rate.

The firm issued over 4.8mln units at  10 cents each, each of which comprises one common share and one-half share purchase warrant.

The holder can buy one  share for two years from the closing of the offering at a price of 20 cents each.

At the start of last month, Midpoint revealed that volumes through its web-based forex trading platform grow again in the three months to December.

The company’s online marketplace saw sales rise to C$66,000 (C$39,000) in the quarter taking the Total for the half year to C$123,000, a near 80% improvement on the same period a year earlier.

Total transaction volume increased 19% and the number of trades increased by 11%. The number of repeat users also rose to 88% from 50% with an average transaction size now of C$31,000. The average transaction size is $31,000 and the average client has transacted over $85,000.

Higher transaction costs meant losses for the quarter were little changed at C$264,000 and rose slightly to C$592,000 over the six months, though Midpoint is still essentially in start-up mode as it develops its website and administrative platform.

Midpoint also announced it was extending its partnership with on-line accounting software group  Xero with the release of a pay now app.

It was the latest development in the partnership between Midpoint and Xero, which was announced in July, 2015.

View full MPT profile View Profile

Midpoint Holdings Ltd Timeline

Related Articles

house
December 09 2017
The bond is aimed at retail investors who want a part of their portfolio in a ‘safe, bedrock investment’

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use