Tech entrepreneur Zhenya Tsvetnenko’s Australian-listed Digital CC today closed a $3.5 million funding round via a share placement at $0.22 a piece.
Earlier this month Digital CC landed a distribution deal for its new international money transfer offering AirPocket. The latest capital injection will be used to expand the peer-to-peer remittance product into Latin America and the Caribbean.
The share placement of 15.9 million ordinary shares takes the company’s cash and equivalents to $6 million.
Tsvetnenko said the round was taken up by a mix of both Australian and international investors.
“This placement is clear validation of our strategy to disrupt the global and established remittance market. The funds raised will support our aggressive marketing and sales strategy, initially in the Latin American and Caribbean regions and later into the Asian market,” he said.
The beta version of AirPocket will be out in June with a commercial version scheduled to be released before the end of the year.
Digital CC shares were trading at $0.26 a short time ago.