Aussie crowdfunding platform Equitise enters administration
Equitise, an Australian equity crowdfunding platform, has reportedly entered administration after it was unable to secure fresh funding to continue operating, according to a report by The Australian Financial Review.
Equitise has appointed Olvera Advisors as administrators
According to a notice published by the Australian Securities and Investments Commission (ASIC), Equitise appointed Sydney-based Olvera Advisors as administrators at the end of October. Equitise has not yet responded to FinTech Futures’ request for comment.
Founded in 2014 by Chris Gilbert and Jonny Wilkinson and operating in New Zealand and Australia, the company’s platform enables users to invest from as little as $50 in emerging start-ups and small businesses.
Notable equity funding rounds conducted through its platform include a $2.6 million round for Australian mobile neobank Xinja Bank in 2018, as well as Nine25’s $2.55 million raise in 2022.
Equitise secured a retail equity crowdfunding licence through the ASIC in 2018. The company was also licensed by New Zealand’s Financial Markets Authority (FMA) as an equity crowd funding service provider since 2014, until the FMA cancelled its crowdfunding services licence in April this year claiming that the company “failed to file its audited 2023 financial statements by 30 October 2023” and also “failed to provide the FMA with a copy of its 2023 annual agreed upon procedures report and other information.”
Equitise has been backed by the likes of AWI Ventures, Bridgelane Capital, H2 Ventures, Investec, and Tank Stream Ventures. According to PitchBook, the firm has raised $3.69 million in total funding.
