In October 2018 the Company invested A$500,000 (circa £272,000) in a fully subscribed A$5m Series B Loan Note to an Australian-based, international construction software and payments company Zuuse Pty Ltd (“Zuuse”). The Series B Loan Note has a 12-month term, yielding an attractive coupon of 12% and the added attraction of free attaching options over approximately 0.8% of Zuuse.
Zuuse is based in Australia with offices in the UK and the US and has two core platforms, Zuuse Construction and Zuuse Building Operations. Through its sub-brand Zuuse Lifecycle, it services a significant number of assets across Australia and the UK including hospitals, universities, hotels, office blocks, bridges and sports stadiums. Through its Payapps and GC Pay Brands, Zuuse services small, medium and large construction companies as well as thousands of subcontractor groups and facilitates over A$12B in annualised payment values across its platforms.
www.zuuse.com; www.payapps.com; www.gcpay.com