US-based electronic processing company Calpian Inc has increased its stake in Digital Payments Processing Limited (DPPL) to a majority 69% in the first calendar quarter of 2014, up from 49.9% stake as of December 2013. Following this, the company informed last month (we missed it then) that it will start consolidating Money-On-Mobile’s financial results to its financial statements, rather than using the equity accounting method. As as result, Calpian has changed its fiscal year end from December 31 to March 31, effective as of March 31, 2014, in order to "reduce duplication of efforts" and align its fiscal year end with Money-On-Mobile’s fiscal year end. Calpian had previously invested in the mobile money service Money on Mobile (My Mobile Payments Limited) indirectly, by investing in a newly formed company DPPL. DPPL in turn had entered into an exclusive service agreement with My Mobile Payments Limited in April 2012. Calpian had then committed a $9.7 million cash investment and 6.1 million shares (6,123,077 shares) in common stock, which was later increased to $10.8 million cash and 6.1 million shares last year. (More on the funding structure here). Note that this is separate from Money On Mobile's direct $50 million investment from Calpian, of which $10 million was raised last year and the remaining $40 million investment is expected in the future. Calpian raises $8.3 Million through private placement To fund this investment along with pursuing growth opportunities in its US business, Calpian has concluded a private placement offering of $8.3 million ($8,323,280) on May 21, 2014 with National Securities acting as lead placement agent. The company sold a…
