- Online payment authentication system iSignthis has had a massive boost in its share price this morning, jumping over 17.7 per cent to trade at $1.10 by midday AEST
- This boost is prompted by the company’s announcement of major exponential growth in business, showing $1.9 billion worth of funds processed through its secure payment platform
- This almost $2 billion achievement represents a 360 per cent uptake from June to the end of September, as well as boosting customer group approvals by 45 per cent
- It’s been no surprise the company has seen increased business, showing forecasts of growth in September and signing a Visa-Asia deal one month earlier
Secure payment system iSignthis is an ASX favourite today, jumping over 17 per cent and showing major growth on its platform.
The company announced this morning that purchases processed through its service exceeded $1.9 billion at the end of September. This achievement represents a 360 per cent uptake from June to September.
iSignthis’ service aims to streamline the authentication process of online purchases. Online merchants using iSignthis prompt the shopper to authenticate the purchase with identification and a pin code.
This multi-step authentication helps banks through the “know-your-client” checklist and can also combat money laundering scenarios.
Today’s uptake in business is hot-off-the-heels of a billion-dollar achievement early last month. A month earlier the company signed a major deal with Visa’s Asia Pacific subsidiary, raking in new partners using the service.
The company stated today’s growth is in line with expectations. As well, business customer group approvals reached a total of 304 at the end of June — an increase of 45 per cent.
This growth by the financial-tech company is particularly impressive considering in February this year its service was only processing roughly $200 million in purchases.
The company is not without its concerns however.
In early September, Advisory Firm Ownership Matters was at the forefront of enquiries into iSignthis shedding its share price without a prompting ASX release. It didn’t take long for iSignthis management to hit back on Twitter.
Ownership Matters-here’s a stat for you-100% of founders of startups know each other before founding the startup! As the Ownership Matters founders of Dean Paatsch, Martin Lawrence & Simon Connal all worked together at ISS does that mean we throw shade on you too? #ugetpaid4this?— iSignthis Ltd (@iSignthis_Ltd) September 11, 2019
Following that, the ASX released a formal enquiry into the company’s share price moves and visibility of management.
iSignthis released the following three-page response, claiming the company had met all disclosure requirements during the relevant period — since putting raised issues to bed.
Today at roughly midday AEST, iSignthis’ share price is trading for $1.10 apiece in a $1.021 billion market cap.