Financial services regulatory tech outfit Kyckr was in the market for fresh capital on Friday to fund the expansion of its sales and account management teams.

The company was on the hunt for $8 million through a two tranche placement and had tapped Bell Potter to give it a hand.

Tranche one of the placement would raise $4.7 million and tranche two – which was subject to shareholder approval – would snare $3.3 million, according to terms sent to funds.

The offer was priced at 8¢ a share, which represented a 20 per cent discount to Kyckr’s 10¢ last close and a 17.7 per cent discount to the ten-day VWAP.

Funds were told the money raised would be used to expand Kyckr’s sales and account management teams, as well as fund marketing campaigns.

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Source: Looking for a Kyckr: fintech biz launches placement