GSTechnologies Ltd on Tuesday announced it has raised funds to contribute towards its GS Money strategy.

The Perth, Australia-based fintech company raised £1.3 million through a placing of approximately 119.0 million shares at 1.05 pence each, equating to 6.2% of currently issued share capital.

‘Our stated strategy with GS Money is to make cross-border payments quick and affordable to an addressable market of millions of participants by netting and settling trades through a stablecoin-based payments network,’ said GSTechnologies.

The company will use proceeds from the placing, which was facilitated by CMC Markets PLC, to accelerate the implementation of this strategy.

During the last year the company made a number of acquisitions including the online banking solutions firm Angra Global Ltd.

Looking forward GSTechnologies said it may make further acquisitions to expand its offerings and capabilities.

GSTechnologies shares were down 13% to 1.07 pence each in London on Tuesday afternoon.

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