I-Remit raises P20 million via share issuance

MANILA, Philippines —  Listed remittance firm I-Remit Inc. is raising P20 million in fresh capital by issuing new shares to support its short-term funding needs, following an emergency board meeting.

In a regulatory filing, the company said its board approved the issuance of 10 million unsubscribed shares priced at P2.00 apiece in favor of Surepay Technologies Inc.

The transaction, valued at P20 million, will serve as consideration for a five-day due diligence review and funding support equivalent to 40 days of operating expenses, in line with a binding term sheet agreement.

The decision was reached during an emergency board meeting held on July 23, where both remaining and temporary board members deliberated on measures to address the firm’s immediate operational requirements.

Aside from the capital-raising move, I-Remit also approved the accreditation of Moore Roxas Tabamo & Co. as its external auditor.

The auditing firm has been tasked to examine the company’s financial records and prepare its audited financial statements for the fiscal year ending 2025.

I-Remit described Moore Roxas Tabamo & Co. as “an established auditing firm with extensive experience in providing audit and other professional services to both domestic and international organizations across various industries.”

The listed firm, which is engaged in global remittance services, has 611.64 million outstanding common shares as of its latest filing.

The latest developments come as the company moves to stabilize operations and strengthen its financial reporting framework amid evolving business conditions.