Way2VAT (ASX:W2V) receives ~AU$625k funding grant to support Smart Spend Card advancement

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Way2VAT (ASX:W2V) receives ~AU$625k funding grant to support Smart Spend Card advancement

 Way2VAT (ASX:W2V) receives ~AU$625k funding grant to support Smart Spend Card advancement
Image source: W2V

Highlights

  • Way2VAT has received around AU$625,000 funding grants to support developmental and commercialisation activities for its Smart Spend Debit Mastercard.
  • The grant provided by the Israeli Innovation Authority is part of a total AU$2.1 million W2V’s budgeted project.
  • W2V is also allowed to apply for a further grant in 2023 based on the present approved plan.

Way2VAT Ltd (ASX:W2V) shares zoomed up 9.375% to AU$0.035 during the early hours of trade after the Company announced the receipt of NIS 1.5 million (around AU$625,000) funding grant.  

This grant is offered to support research & development (R&D) and preliminary marketing and commercialisation of the W2V’s recently launched Smart Spend Debit Mastercard.

The funding has been granted by the Israeli Innovation Authority (IIA), which is an independent, publicly funded agency. The IIA helps companies address the dynamic and changing needs of global innovation ecosystems by offering tools and funding platforms.

RELATED READ: Jackpot! Way2VAT secures AU$1.09m Placement, accelerates Smart Spend Debit MasterCard commercialisation

AU$625k funding grant

The AU$625,000 grant will compensate costs incurred by W2V on a quarterly basis during the grant term from March 2022 to February 2023. The initial instalment is due in July 2022. The grant is based on an approved budget plan of ~AU$2.1 million for R&D and marketing provided by W2V and assessed by the IIA with regard to the Smart Spending Debit Mastercard Card.

RELATED ARTICLE: Way2VAT (ASX:W2V) inks deal with Germany’s largest toy manufacturer

W2V funding grant

Source: W2V Presentation

RELATED READ: Way2VAT to rollout world-first Smart Spend Debit Mastercard, targets four key sectors

Upcoming enhancements to W2V’s product

W2V believes that the grant will help to fast-track the adoption of the recently launched Smart Spend Debit Mastercard. The card is a world-first in partnership with Railsbank and completely automates VAT/GST returns from end to end for the SMB and Enterprise market.

The card uses multiple fully automated processes based on W2V’s proprietary development in the fields of Artificial Intelligence (AI), computer vision and Natural Language Processing (NLP). W2V envisions to soon include behavioural prediction and other advanced analytics and alerts capabilities.

W2V funding grant

Source: W2V Presentation

ALSO READ: Way2VAT makes inroads into UK market with new Allocate deal

W2V allowed to apply for an additional grant in 2023

W2V states that the Company received the grant from the distinguished committee after an in-depth examination of the Company’s proprietary technology and commercial feasibility. Furthermore, IIA also enables W2V to apply for an additional grant in 2023 on the basis of the present approved plan.

W2V anticipates that the grant to be repaid to the IAA over the coming few years starting from 2024 as a percentage of royalties from future revenues delivered by the outputs of W2V’s products based on the technology backed by the grant.

RELATED ARTICLE: Way2VAT (ASX:W2V) reports a blockbuster March quarter with strong sales momentum

W2V is confident that the grant will help the Company in further advancing product feature development and in managing cashflow during the initial rollout phase.

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