As part of IBOA securing the licence, Novatti finalised a Series...

As part of IBOA securing the licence, Novatti finalised a Series A equity round for IBOA Group
Holdings Pty Ltd (IBOA Group)
2
, which heads Novatti’s dedicated banking division and is parent
entity of IBOA. Through this funding round, Novatti will make an additional $5 million
investment, retaining a 91% interest in IBOA Group. Commitments under the Series A round
were first announced to ASX in October 20213 and have since evolved with Novatti taking the
opportunity to increase its interest in lieu of a portion of the third party commitments. The
aggregate $8 million in new funding under this round will enable the International Bank of
Australia to launch and build the banking business.
Mr Cook noted: “Novatti was able to make this further investment in the International Bank of
Australia by leveraging its strong balance sheet. This includes a cash balance at the end of the
September quarter of $14.5m, with a further $12.8m expected as a special dividend from Reckon
Limited on 21 November.4 The strength of our balance sheet has enabled us to increase our
position in this very exciting new opportunity.”