Zaim Credit Systems PLC (LON:ZAIM) said it completed an equity fundraise of £1mln through a share placing in order to provide additional capital for the expansion of its loan portfolio and the development of new products.
The fintech firm said it raised the funds through the placing of 25mln shares at a price of 4p each, a 9% discount to its closing price on Tuesday, arranged through its broker Optiva Securities.
READ: Zaim Credit Systems posts strong quarterly growth with strategy driven by online operations
Zaim said the new shares are expected to be admitted to trading on or around June 23, taking the total number of shares with voting rights to around 461.98mln.