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Asia-focused digital banking play IOUpay is making the most of a 200-plus per cent share price rise in the past few days.

IOUpay launched a capital raising on Tuesday.

The company was out looking for a $40 million cash injection on Tuesday morning to expand its operations in Malaysia and other parts of South East Asia, according to terms sent to funds.

The placement of new shares was being offered to potential investors at 50¢ each, a 28.6 per cent discount to the company’s 70¢ close on Monday.

IOUpay’s shares have been on a tear since Thursday last week, and was issued a speeding ticket on Monday.

That meteoric rise came a couple of days after the company announced it had teamed up with SE Asian Shopify equivalent EasyStore to offer its buy now, pay later solution to EasyStore’s merchants.

Clee Capital was lead manager on the raise, and EverBlu capital was pitching in as a broker on the offer. Bids were due by 2pm on Wednesday.