One Click raising hits $5.5m

UUV Aquabotix will go ahead with a reverse takeover of emerging consumer fintech One Click Life after a successful fund raising effort that resulted in the maximum $5.5 million being accepted after oversubscriptions.

The company is expected to return to boards as One Click Group with the ASX code 1CG, under a leadership that has strong connections to former listed IT firm Empired.

One Click managing director Mark Waller, formerly Empired CFO from 2005 to 2016, said the company expected to begin trading in early September.

“We’re very happy with the level of support from both existing and new shareholders," Mr Waller said.

"To be oversubscribed in the current market is an excellent outcome and indicative of the prospects for the business."

Just nine months after Empired was acquired by Capgemini Australia and delisted from the ASX, managing director Russell Baskerville has agreed to chair the One Click business.

The fund raising was led by Canaccord Genuity and advised by lawyers Steinepreis Paganin.

One Click's disruptive financial technology platform seeks to capitalise on increased market demand for online, self-directed financial and life administration services including tax returns, wills and health insurance. The fintech startup has a user base of more than 40,000 people in Australia, with around 30 per cent of those being paying customers.

The funds raised under the public offer will go towards continuing the commercialisation path of the platform and expanding the product range.