MoneySwitch beefs up funds and personnel
(10 April 2006 – Australia) Payments solution company MoneySwitch has announced a raft of new capital raising and additions to its leadership team.
The company said it had raised another A$6 million from directors, executives, associates and advisors, pushing its overall net equity up to A$10.8 million.
MoneySwitch said it was a Tier 1 member of the Bulk Electronic Clearing System (BECS), and Principal Members of Visa and MasterCard. It said it was operating BECS daily and testing links for Visa, MasterCard, American Express, JCB and Diners Club transactions, and also for EFTPOS debit card transactions.
"We were granted our APRA authority as a Specialist Credit Card institution on 26 April 2005. In less than a year we have now all the required links into the Australian payments system. Nobody believed that we could do it, certainly not in this timeframe," MoneySwitch chief executive Jost Stollman said.
The company has appointed Dr Thomas Girgensohn as an executive director. Formerly a managing partner at Boston Consulting in Australia and New Zealand and currently a director of Dairy Farmers, Girgensohn has also invested in MoneySwitch.
The company has also appointed John Hallis as vice-president of Operations.
"We have all the advantages of the green field player. We own our technology. We will bring innovation and entrepreneurial agility to the payment space. This is an extraordinary opportunity," Hallis, who has also invested in the company, said.
Hallis was formerly director of Customer Advocacy for Cisco Systems.
MoneySwitch said it was a Tier 1 member of the Bulk Electronic Clearing System (BECS), and Principal Members of Visa and MasterCard. It said it was operating BECS daily and testing links for Visa, MasterCard, American Express, JCB and Diners Club transactions, and also for EFTPOS debit card transactions.
"We were granted our APRA authority as a Specialist Credit Card institution on 26 April 2005. In less than a year we have now all the required links into the Australian payments system. Nobody believed that we could do it, certainly not in this timeframe," MoneySwitch chief executive Jost Stollman said.
The company has appointed Dr Thomas Girgensohn as an executive director. Formerly a managing partner at Boston Consulting in Australia and New Zealand and currently a director of Dairy Farmers, Girgensohn has also invested in MoneySwitch.
The company has also appointed John Hallis as vice-president of Operations.
"We have all the advantages of the green field player. We own our technology. We will bring innovation and entrepreneurial agility to the payment space. This is an extraordinary opportunity," Hallis, who has also invested in the company, said.
Hallis was formerly director of Customer Advocacy for Cisco Systems.
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