The new appointment follows news the company has raised $3.8 million in new capital.
SmartPay has appointed a new group CEO and announced it has completed a $3.8 million new capital raising.
Australian payments executive Bradley Gerdis will take up the CEO job, bringing previous experience from being a founding executive of Customers Limited.
“Bradley knows the market really well and has experience of rapidly growing companies. He is well connected and will bring value to SmartPay as we reach for more cost effective funding,” said SmartPay chairman Wayne Johnson.
In addition, Haymaker Investments has subscribed for $1 million worth of shares in SmartPay at a price of 10 cents each. It has also been issued 10 million options at an exercise price of 15 cents each.
SmartPay said it has commitments for $1.8 million of a new capital at 10 cents per share from a number of high net worth investors and that the Trustees of the Pakihi Pension Scheme have agreed to subscribe to $1 million worth of convertible notes.
“Combined with the level of business we expect to sign and deliver in the Australian market in the short term, we expect the end year result to be similar to this year’s,” Mr Johnson said.
Shareholders will have a chance to vote on the changes at a special meeting to be held in or around February.
