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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.

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