Update: After this article was published shares rose further the following day, only to drop significantly after that down to $1.06 each (12 September 2019).
Payment identity verifier iSignthis (ASX: ISX) has been one of the fastest risers on the ASX over the past 12 months, with its shares rising from $0.17 each in September 2018 to $1.37 at the close of trading on Friday.
This morning ISX shares jumped almost 11 per cent by 11am AEST to reach $1.52 per share, giving the Melbourne-based company a market capitalisation of more than $1.6 billion.
The latest surge stems from the group's August update for gross processed transaction value (GPTV), which on an annualised basis exceeded $1.1 billion, up 160 per cent on June.
Meanwhile, iSignthis' business customer approvals for August rose 28 per cent to 270, compared to 210 in June.
The company is cross-listed with shares on the Frankfurt Stock Exchange as well where it trades under the ticker TA8.
With its 'Paydentity' and ISXPay solutions, iSignthis gives merchants an end-to-end on-boarding service, capturing a market niche of remote identity verification and payment authentication.
These combined services help customers comply with regulatory standards - specifically Anti-Money Laundering (AML) regulated merchants as they can remotely on-board card or account holders within three to five minutes.
The group claims its Paydentity platform has now onboarded and verified more than 1.6 million people to an AML 'know your customer' (KYC) standard.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia