SmartTrans Holdings Ltd
(ASX:SMA) has secured $4.5 million to fund its expansion in the China e-commerce marketplace and market its SmartPay payments platform in Australia.
SmartTrans recently announced a deal with a digital marketing agency, Shanghai Dodoca Information Technology Co, to launch and operate an e-commerce marketplace via WeChat, which is a popular social media app in China.
The company will to promote and sell premium Australian products to Chinese consumers via this new marketplace, which SmartTrans says will launch shortly.
SmarTrans says $4 million of that funding comes from a new institutional investor Lanstead Capital LP (who will receive 400 million shares in SmartTrans). The company also says $500,000 in funding comes from two existing shareholders– Loyal Strategic Investment and Dymocks Securities.
SmartTrans reported a net loss of $2.8 million at 30 June 2016.
