Explorer Corporation, the JSE-listed card, electronic commerce and virtual financial services company, says Mercantile Bank has agreed to extend its funding facility for Explorer Visa credit cards.
The company also says it has relaunched its online credit card site and will soon establish an online travel destinations guide.
Explorer launched its Visa-flagged Explorer Card in September, focusing on the entertainment, leisure and financial services industries.
"The additional funding will enable a focused Explorer to continue with the development of its Visa-branded Explorer credit card base," the company says. "Over the past six months Explorer has proven to the market the demand and market niche for an independent Visa credit card."
The company attributes the demand for the card to attractive interest rates on credit and debit balances, "and an enhanced loyalty rewards proposition".
It adds that the ongoing development of the credit card and club card databases places the company in the position to broaden its services in the virtual and financial services arena.
The company is trading under cautionary. Its share was unchanged at 19c by late Monday morning. The share was listed at 100c in February last year, but closed at 70c on its first day after raising only half of the planned R80 million in a private placement.
In its maiden year to December, Explorer posted a below-forecast net profit of R69 691 on revenue of R8.6 million, although it had cash of R21.9 million at the end of the financial year.
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