MoneySwap to list on AIM after delay

FOREIGN exchange specialist MoneySwap expects to hit a £20m valuation when it joins London’s Alternative Investment Market tomorrow.

The online peer-to-peer exchange platform, designed to save travellers money by cutting out intermediaries, hopes to raise £3.05m when it joins the index.

MoneySwap sees the Asia-Pacific market as vital given the number of major currencies and the relatively high exchange costs there.

It is working with Melco Crown and Genting, two of the region’s casino operators, to give customers a greater choice of currencies.

It also plans to launch QuickPayIT, which will allow people to pay for goods and services without either party having to enter or receive banking information.

MoneySwap has its headquarters in Hong Kong but was founded in the UK. It picked Allenby Capital as its nominated adviser and Old Park Lane Capital as its broker.

Moneyswap chief executive Richard Proksa said: “The LSE has an exceptional standing in the minds of Asia Pacific businesses and we see great competitive local advantage in being able to demonstrate that our company, processes and management team have all met the stringent requirements set by the LSE.”

MoneySwap was due to join London’s alternative market earlier in the month, but its listing was pushed back.

While August has proved a relatively busy month for new AIM listings, debuting companies have raised only small amounts.

Real estate insurance broker Allanfield Group hit a market capitalisation of £11m on 18 August when it raised £1.2m, and Great Western Mining’s move to AIM raised just £1m of an expected £3m to fund a study of new prospects in Nevada.

MoneySwap will publish its annual results on 30 September.