• 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$542m, when calculated against actual weekly processed funds.
The Company is continuing to onboard its backlog of merchants, with less than 25% of merchants that have been approved and contracted being currently onboarded to the network and active. Generally, individual merchant GPTV is also increasing on a week by week basis.
The above assumes that our contracted merchants will continue to transact and process GPTV with us at least at the current levels, and that the Company does not target any new growth initiatives including any new products, regional expansion outside the EU and Australia, or any further acquisitions.
AUD$ Annualised Gross Processed Transaction Volume (GPTV) now in excess of $542m on our Tier 1 (Principal member) network. This has increased 130% in just over a month from Start Q2 to 9/5/19
Australian Securities and Frankfurt Stock Exchange listed iSignthis Ltd (ASX: ISX | FRA: TA8) is the global RegTech leader in remote identity verification and payment authentication coupled with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment 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, offering global reach to any of the world’s 4.2Bn ‘bank verified’ card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity™ has now onboarded and verified more than 1.6m persons to an AML KYC standard.
• iSignthis Paydentity™ service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis’ subsidiary, iSignthis eMoney Ltd, trades as ISXPay®, and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
• ISXPay® is a principal member of Visa Inc, Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, Trustly, WeChat, AliPay and others.
• UAB Baltic Banking Service, (“BBS”) a wholly owned subsidiary of iSignthis Ltd, provides API based access to SEPA Core, SEPA Instant and SEPA business schemes (“CoreConnect”), for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Central Bank of Lithuania’s CENTROLink service. Document Management (“DocPlus”) and Payment Management Systems (“PayPlus”) form part of the product suite, with BBS contracted to deliver these services to a number of regulated entities.
• Probanx Information Systems Ltd (Probanx®), a wholly owned subsidiary of iSignthis Ltd, is an international banking software company which has been serving the banking industry since the year 2000 by developing comprehensive banking software solutions to ﬁnancial institutions around the globe. Probanx offers web-based banking solutions using the latest technology and international standard business rules. Our customers are located on ﬁve continents and supported from our technical centres in Europe and Australia. iSignthis’ Probanx delivers core banking software, including a fully comprehensive and versatile banking solution for retail, corporate and private banks, emoney and payment institutions, offering capabilities that up until now were affordable only by large commercial banks.
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