Prepaid card processor FNDS3000 Corp. has closed on a $500,000 private placement, the second scheduled portion of a $2.5 million, non-brokered equity financing agreement entered into in October and led by Sherington Holdings LLC, the Ponte Vedra Beach, Fla.-based company announced Jan. 31.
Raymond Goldsmith serves as chairman and CEO of both the private investment company and the prepaid processor, the company noted in a press release.
FNDS3000 says it intends to 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, this month’s financing brings the total amount of capital received to date under the October commitment agreement to $1.5 million, FNDS3000 says. 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 the completion of an earlier round of funding for the company in December 2009 (
