Tintra shares gained over 200% on Monday after the company announced a strategic investment at a significantly higher valuation than the current share price.
Tintra are currently working on two banking applications and the funds raised will be used for capital adequacy purposes.
The company has traditionally operated payments and FX services, as well as a lottery fundraising business.
Tintra have been working on capturing an opportunity in world banking over the past years and today’s fundraise from a Family Office will go some way to validate their vision.
“I am delighted to be announcing the first tranche of our first funding round,” said Richard Shearer, Tintra CEO.
‘Both of our new funding partners are sophisticated investors and this nod of support in what we are building, and its potential is a very rewarding feeling.”
“We are moving incredibly quickly, and while of course there will be bumps in the road, we feel we have now got a clear run at the target. Both of our two current banking applications in development are tracking better than expected and are on target to be completed on time. Our friends and JV partners over at TMC2*, who are about to exit their previous AI project at a valuation north of $5Bn next month (based on reports in the press over the past few weeks) are freeing up to focus all their energies on our game changing regulatory technology.”
“The Funding Round, once completed, will give us the runway now to start building out a best-in-class team, some of whom I expect to be announced to the market during the next quarter, and to engage some of the best consultancy minds in the sector who we have been positioning over the past few months.”
