Melbourne, Australia (ABN Newswire) - Australian Securities and Frankfurt Stock Exchange cross listed iSignthis Ltd (ASX:ISX) (FRA:TA8), the global leader in RegTech for identity verification and transactional banking/payments, is pleased to provide the following update for the half year ended 31st December 2017.

First Half Highlights:

- Revenues for 1HFY18 outperformed expectations, driven by stronger than expected platform usage from existing customers, especially new merchants activated in the December quarter,

- Settlement processing for customers commenced in the second half with growth in GTPV exceeding management expectations over this period,

- Total audited revenue for the 1H FY18 of A$827k (versus 1H FY17 of A$308k),

- Successfully completed a share placement to institutional investors raising $6.5m at $0.19 per share,

- iSignthis eMoney Ltd is now a Principal Member of the world's leading card schemes: Visa Inc (NYSE:V), Mastercard (NYSE:MA), as well as JCB International.

Subsequent to the end of the first half the partnership with Worldline, to provide payment settlement services to EU based customers, went "live" in January. Contracting of the first 4 major merchants has since been announced on the 26th February 2018.

Operational Trading Outlook:

- Growth in settlement processing continues to exceed expectations,

- The company guidance is for revenue growth in the March quarter to be at least 50% higher than the December quarter (previously at least 30%) based on actual transactions to 23rd Feb,

- Quarterly settlement revenue growth in the March quarter has exceeded overall revenue growth rates, however Tx volumes from one merchant (processing customer only) have been adversely affected due to volatility in the cryptocurrency markets,

- Settlement revenues now make up over 65% of our revenue by vertical and will be the primary driver of revenues going forward,

- The company updated the annualised GTPV book value to be in excess of $400m from the previously reported $100m in its announcement on the 26th February 2018.

BUSINESS UPDATE

The Company is pleased with the continual growth quarter on quarter and the generation of revenue as existing merchant settlement volumes increase. Our pipeline of new merchants remains strong and we will continue to update the market regarding material changes as they occur. The company will provide a more detailed update following the March quarter. The Company is now exploring other eMoney services which it may offer to market under the license conditions afforded to it by its EEA Monetary Financial Institution authorisation.

FUTURE REPORTING

The Company has previously advised that it's subsidiary company iSignthis eMoney Ltd, trading as ISXPay, has been granted an eMoney Institution (EMI) License #115.1.3.17 by the Central Bank of Cyprus (CBC). This allows the Company to operate as a full transactional, deposit taking eMoney Monetary Financial Institution (MFI) in the European Economic Area (EEA).

The eMoney MFI license requires the Company to report to the CBC on a monthly basis, as well as providing specific reports on a half yearly and annual basis. The annual reporting includes audited accounts and is based on the standard European timetable of reporting on a calendar year from January to December, as opposed to the July to June financial reporting year that is common place in Australia.

To assist with this report, and to avoid multiple audits, the Company will apply to ASIC to change it's reporting date to 31 December as opposed to 30 June, effective for the 2018 calendar year. This change is likely to be implemented in 2018 meaning that the Company's accounts will be audited 30 June 2018 as would normally be the case and we will follow with a second audit as at 31 December 2018, which will then comprise the results of the period from 1st July 2018 - 31st December 2018.

Future reporting will then be based on a half year review as at 30 June and a full year audit as at 31 December.

To view the report, please visit:
http://abnnewswire.net/lnk/0J3C6ME8



About iSignthis Ltd:

iSignthis Ltd (ASX:ISX) (FRA:TA8) is the global RegTech leader in remote identity verification, payment authentication and payment processing. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment and identity service via our Paydentity(TM) and ISXPay(R) solutions.

By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to regulated merchants in as little as 3 to 5 minutes.

iSignthis Paydentity service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business.

iSignthis' and its subsidiary, iSignthis eMoney Ltd, trade as ISXPay(R), and are an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, Australia and New Zealand.

ISXPay is a principal member of Visa Inc, Mastercard Worldwide and JCB International.

Read more about the company at our website http://www.isignthis.com



Source:

iSignthis Ltd



Contact:

Media: contact@isignthis.com

Investor Relations
Chris Northwood
Activ8Capital
T: +61-458-809-177 
E: cnorthwood@activ8capital.com or investors@isignthis.com