20 Oct 2010

SmartPay eyes Australian funding

7:25 am on 20 October 2010

A small but fast-growing New Zealand company is eyeing up funding opportunities across the Tasman, because of New Zealand's stagnant capital markets.

Eftpos and merchant services company SmartPay is planning a major expansion in Australia in the next few years, and is considering floating on the Australian stock exchange.

SmartPay managing director Ian Bailey says the company wants to source funding from both sides of the Tasman, but finding cash in New Zealand is very tough at the moment.

Mr Bailey says the company's comparatively small size also prevents it accessing funding through more traditional channels.