Financial crime prevention small cap Identitii (ASX:ID8) has sold its remaining stake in joint-venture fintech Payble to existing investor OIF Ventures for $1.6 million.
Payble, founded in 2020 by CEO Elliott Donazzan, is a payments platform for local government payments using QR codes and now has 50 customers, including four New Zealand councils after launching on the eastern side of the Tasman Sea earlier this year. There are more than 500 councils in Australia. Around 200,000 people use Payble.
The fintech is eyeing off the UK market in 2026.
Payble was a JV between ASX-listed Identitii, where Donazzan worked previously, and the Commonwealth Bank’s VC arm, x15 Ventures, which tipped in another $700,000 in 2021.
OIF Ventures joined the cap table in late 2023 when it led a $3.5 million round that took Payble total Seed raise to $6 million. While the secondary market sale gives the VC a larger stake in the business at around 40% alongside x15 and Donazza with an equal share, it adds no working capital to Payble.
OIF’s Oliver Darwin said they believe Payble has the enormous potential to transform how communities engage with their councils, having first invested when Payble had 12 customers.
“Reaching 50 council customers so quickly, including strong traction in New Zealand, is proof of both product-market fit and an outstanding team. We’re excited to increase our investment and support Payble as it continues its growth journey,” he said.
Donazzan said reaching the half ton was a milestone that shows demand for better payment experiences in local government.
“Having OIF increase their stake is a strong vote of confidence, and we’re thrilled to keep building on this momentum together, including exploring expansion into the UK next year,” he said.
Meanwhile, having offloaded its stake in Payble, Indetitti plans to spend the cash injection from the sale on the growth of its risk and compliance platform BNDRY.
In April, the company signed a partnership deal with digital marketplace Cherry Hub to offer an anti-money laundering and counter-terrorism financing compliance solution to Australia’s gaming venues, clubs and hotels, and the fresh capital will focus on that project.
Identitii CEO John Rayment said the $1.6 million gives the business runway into 2026.
“We are experiencing significant demand for our Cherryhub partnership solution, leveraging their industry connections and experience,” he said.
“Unique to our solution is access to critical industry data, including gaming machine system, venue membership and staff observation data, all available via our direct connection to Cherryhub. This gives the Cherryhub x BNDRY solution a distinct advantage, at a time when regulatory scrutiny is significant.”
Identitti shares fell 12.5% on the news on Wednesday, to close at $0.007 of a cent, but record in Thursday morning trade to return to $0.008 of a cent.
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