Finseta plc (LON:FIN) announced today that its wholly-owned subsidiary, Finseta Payment Solutions Limited, has entered into a new strategic affiliate relationship with Amir Mehrad, the sole shareholder of Homa Holdings Ltd.

Alongside this, the company has conditionally raised aggregate gross proceeds of approximately £1.57 million, including approximately £1.47 million from Homa, a new strategic investor.

The funds are being raised by way of (i) a firm subscription for new ordinary shares of one penny each in the capital of Finseta plc by Homa and Joshua James Clarke and (ii) a subscription for zero-coupon convertible loan notes by Homa.

Alongside the Fundraising, the Company also announced the proposed conversion into new Ordinary Shares and non-voting Deferred Shares of the entire £1.8 million principal amount of the 8.5 per cent. unsecured loan notes held by Robert O’Brien, Chief Commercial Officer.

Mr Mehrad will introduce prospective customers to the Group for its currency exchange and international payments products, which the Company believes will contribute incremental revenues and accelerate the Company’s revenue growth.

Homa is a newly formed entity incorporated in the Abu Dhabi Global Market which is wholly owned by Amir Mehrad. Mr Mehrad is a financial services entrepreneur and was the founder and Chief Executive Officer of Effective FX Limited, a boutique international payments and foreign exchange specialist established in 2012. As the sole shareholder and executive leader since its inception, Mr Mehrad built Effective FX into a trusted FX partner across the UK corporate sector. Mr Mehrad successfully navigated the firm through sustained commercial growth, culminating in the asset sale of Effective FX’s international payments business to Equals Group plc.