Company Name: iSignthis
Announcement Date: 14/05/2019
Announcement Category: Other
• ISX enters extreme growth phase
• Tier 1 operations commenced at scale late January 2019
• Break even run rate position achieved within 4 months of Tier 1 operations
Melbourne, 14th May 2019: iSignthis Ltd (“the Company”), is pleased to announce that, on the basis of its cash receipts and unaudited management accounts, that it has achieved a ‘break even’ position on a weekly cash run rate basis. That is, gross profits on the basis of cash receipts now exceed group operating costs and will be contributing positively to the Company’s EBIT line.
The Company’s MSF or Gross profit contribution from its current onboarded merchants now comfortably exceeds the $8.75m annualised operating cost base at the current processing and EU acquiring levels. The Annualised GPTV now exceeds AU$542m, when calculated against actual weekly processed funds.
The Company is continuing to onboard its backlog of merchants, with less than 25% of merchants that have been approved and contracted being currently onboarded to the network and active. Generally, individual merchant GPTV is also increasing on a week by week basis.
The above assumes that our contracted merchants will continue to transact and process GPTV with us at least at the current levels, and that the Company does not target any new growth initiatives including any new products, regional expansion outside the EU and Australia, or any further acquisitions.
Announcement URL: https://www.asx.com.au/asxpdf/20190514/pdf/4452gqbfxs8cs0.pdf
Australian Securities and Frankfurt Stock Exchange listed iSignthis Ltd (ASX : ISX / FRA : TA8) is the only neobank focussed on making business banking simpler. We are the global leader in remote identity verification, payment authentication and payment processing to meet AML/CFT requirements. iSignthis provides an end-to-end on-boarding service for merchants, with unified deposit taking, IBAN accounts, payments, card acquiring and identity service via our Paydentity and ISXPay® solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard. We offer global reach to any of the world’s 4.2Bn ‘bank verified’ card or account holders, that can be remotely on-boarded to regulated merchants in as little as 3 to 5 minutes.
iSignthis is the trusted back office solution for regulated entities, allowing our customers to stay ahead of the regulatory curve and focus on growing their core business.
We are a principal of Visa, Mastercard, JCB, ChinaUnionPay and AMEX.
Go to Company Profile for: iSignthis
Announcement Contact: [email protected]