Dublin-based electronic payments processor FreeStar Technology Corporation has secured $10 million in funding from Swedish venture capital firm Svensk Kredit och Finans.
FreeStar, which operates its credit card processing platform at Helsinki-based subsidiary Rahaxi Oy, says the new financing will be combined with the $9.2 million received in a previous round in March to support its international expansion strategy.
The private placement agreement enables Stockholm-based Svensk Kredit to purchase 25 million newly issued shares of restricted common stock at a weighted-average price of $0.40 per share and two-year warrants to purchase an additional 25 million shares at strike prices ranging from $1.50 to $3.00.
Magnus Erneving, CEO, Svensk Kredit och Finans, comments: "We have identified a number of opportunities for Rahaxi-Freestar in the European and Scandinavian market where we can assist. We consider our involvement with Freestar a long-term investment."