NEW YORK, NY / ACCESSWIRE / February 10, 2020 / TriPoint Global Equities/BANQ® a leading electronic broker-dealer, announced today that the Firm's client SQID Technologies Limited, a payment processor completed the listing of its ordinary shares ('Shares') on the Canadian Securities Exchange 'CSE' on January 21, 2020 under the symbol CSE:SQID.
TriPoint acted as the North American financial advisor to the transaction. The listing was handled by a team of advisors including investment firm First Growth Funds, Canadian Corporate Advisor Gale Capital, Joanne McClusky Barrister & Solicitor to the Company; and Shape Capital who acted as Corporate Advisor in Australia.
SQID is a payment processor headquartered in Australia with proprietary software. SQID's software platform enables merchants to receive debit or credit card payments online by providing a connection to an acquiring bank ('Acquirer') which is a registered member of a card network such as Visa or MasterCard ('Card Network'). The 'Card Network' connects 'Acquirers' to a customer's bank ('Issuing Bank') so that a customer transaction can be verified. When a customer uses a debit or credit card for a purchase, the 'Acquirer' will approve or decline the transaction based on the information the Card Network and Issuing Bank have on record about that cardholder's account. The merchant submits the purchase transaction information to the payment processor ('SQID') used by its 'Acquirer' via a payment gateway SQID's software) that facilitates the communication of transaction information.
SQID's technology provides merchant services and transaction processing to business merchants and ecommerce customers across both ‘Business to Business' (B2B) and ‘Business to Consumer' (B2C) segments to bridge both retail and wholesale transactions through its platform. Its technology is powerfully structured to allow layered access to payment and merchant transaction data, and integrates these retail and wholesale layers (creating many separate customer nodes within the network), providing split settlements between each layer. This provides a broad platform for commission structures and transaction-based rewards that are settled at the same time as the underlying transaction is settled. The business model is applicable to significant business channels including affiliate marketing, rewards programs, franchises, marketplace apps, agencies, etc.
As a 'Payment Processor', SQID has contracts with merchants to handle transactions from various channels such as credit and debit cards. SQID receives a merchant fee, which is a percentage of the transaction value and also in some cases, a fee per transaction.
The SQID business has a proven business model of delivering sustained profitability over time. Revenue growth has been achieved through strong growth from merchants in industries related to training and education.
For the latest three-month period ending September 30, 2019: (i) the Company has reported revenues of $1,719,261, which increased 89% from $912,053 in the same quarter of fiscal 2018, delivering a normalized profit before income tax of $346,700 for the quarter (after adding back listing costs of $269,003) and (ii) 253,000 merchant transactions processed with a total transaction value of $47.9m.
For the fiscal year ended June 2019, SQID reported: (i) revenues of $5,403,525 and profit before income tax of $1,147,722 reflecting a 72% increase in revenues and 85% increase in its profit before income tax over the same period for fiscal 2018, and (ii) 794,000 merchant transactions processed with a total transaction value of $145.4m reflecting an increase of 67% over the previous fiscal year, and (iii) a strong balance sheet with net assets reported at fiscal year June 2019 of $2,585,925, reflecting an increase of 47% over the same period for fiscal 2018. For further information please visit the company's corporate website at www.sqidpay.com, the Company's profile at www.sedar.com and in the Form 2A listing statement at the CSE website where its final long form prospectus dated December 18, 2019 is available for review.
'We are excited to be a member of the team who assisted SQID in their public listing on the CSE. The listing is a great accomplishment for the SQID team to help create shareholder value and to allow investors to participate in their continued success,' said Mark Elenowitz, CEO of TriPoint.
About TriPoint and BANQ
TriPoint Global Equities, LLC ('TriPoint '), a FINRA member firm, is a boutique investment bank. TriPoint focuses on providing U.S. and non-U.S. companies of up to $500 million in revenue with capital raising, corporate finance advisory services and assistance with navigating the regulatory environment for companies listing on U.S. markets. TriPoint maintains specialized practices in Reg A+ IPO's, institutional private placements, mergers and acquisitions, and corporate finance. BANQ®, the online division of TriPoint, www.banq.co, is an electronic investment banking platform that takes the entire public and private offering process digital and online, providing access to U.S. opportunities and offerings in the U.S. markets. BANQ® widely markets its offerings utilizing the new general solicitation and advertising rules promulgated by the U.S. Securities & Exchange Commission, in response to the passage of the JOBS Act of 2012 including Reg A+ and Reg D. TriPoint has offices in New York City and Washington, D.C. For more information, please visit http://www.tripointglobalequities.com
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