$20 million institutional placement through Bell Potter Securities.

Payments firm zipMoney is seeking to raise up to $20 million in an institutional placement through Bell Potter Securities.

Bell Potter launched the deal on Thursday morning, seeking bids at 55¢ a share.
The offer was priced at a 21.4 per cent discount to the last close and implied a $104.7 million market capitalisation.

zipMoney was seeking to place up to 36.4 million shares, worth $20 million at the offer price.

The funds were to be used to reduce the cost of its loan book.
The broker was seeking bids by 4pm Thursday.