Glance Partner Euro Asia Pay Marks $5 Million Fundraising Milestone

Glance Technologies (CSE:GET) has announced that its licensee Euro Asia Pay Holdings has raised more than $5 million in equity funding to pursue its business opportunities in the mobile payment space.

As quoted in the press release:

Euro Asia Pay’s most recent investment round of $3.98 million was raised at a price of $0.18 per unit, with each unit consisting of one common share and one common share purchase warrant exercisable at a price of $0.48 per share for a period of 24 months. As part of Glance’s previously announced licensing and services agreement with Euro Asia Pay, Glance received 8.5 million common shares in Euro Asia Pay at a deemed price of $0.07 per share, in addition to cash fees for the provision of other services.

“From day one we have been impressed with what Morris Chen and his team are accomplishing, and we feel the funds they have raised to date provide another competitive advantage that will help make Euro Asia Pay a go-to platform in North America,” says Desmond Griffin, CEO of Glance Technologies. “The tremendous job they have done raising capital is a significant accomplishment and one of many feathers in their cap.”

Euro Asia Pay is in the process of leveraging the tools and security of the Glance Pay mobile payments platform to create a unique mobile payment system tailored to the needs and opportunities of international residents, students and tourists visiting North America from Europe and Asia. The company is positioning itself to take advantage of trends including the high adoption rates of mobile payments in places such as China, where the value of mobile payments has hit USD$5.5 trillion.¹ In addition, recent research from Nielsen and Alipay has found that 93% of Chinese tourists would use mobile payments overseas if given the option, and that nearly as many say they would spend more freely if they could use mobile payments.²

Click here to read the full press release.