GSTechnologies Ltd (LSE:GST) announced it has drummed up £1.25 million to accelerate the implementation of its strategy, including potential further acquisitions.
It raised the cash via a placing by CMC Markets UK of 119,047,619 shares at a price of 1.05p apiece. Shares in the company closed at 1.2p yesterday but are up over 50% over the past six months.
Doing business under the GS Money banner, the fintech company's strategic focus is on developing a borderless neobanking platform, providing next-generation digital money solutions, both organically and through complementary acquisitions.
Its prime operating businesses are GS20 Exchange, a cryptocurrency exchange, and Angra Global, a multi-currency e-wallet service for businesses, for both of which it reported positive developments in yesterday's year-end update.