The prepaid card processor FNDS3000 Corp. of Ponte Vedra Beach, Fla., said Monday that it closed on a $500,000 private placement, the second scheduled portion of a $2.5 million, nonbrokered equity financing agreement entered into in October and led by Sherington Holdings LLC.
Raymond Goldsmith is chairman and chief executive of both the private investment company and the prepaid processor, FNDS3000 said.
FNDS3000 said it would use the proceeds from the private placements as working capital to support continued growth of the company's South African prepaid card business.
Coupled with the related $1 million financing completed in October, the financing brings the total amount of capital received to date under the October agreement to $1.5 million, FNDS3000 said. The company expects the close the final two tranches of $500,000 each on or before April 1 and July 1.
Sherington Holdings also participated in a round of funding for the company in December 2009.
