QNA secures credit and ID checks for DriveMyCar Rentals

Published at Nov 21, 2014, in Technology

Qanda Technology (ASX:QNA) has secured key agreements to strengthen the credit and ID registration process for its DriveMyCar Rentals peer-to-peer car rental service.

Credit and ID checks boosted for DriveMyCar Rentals

The first agreement is with Veda Group Limited (ASX: VED), the largest credit reference agency in Australia and New Zealand with a market cap of almost $2BN. Veda’s main credit checking product is called VedaScore, which summarises a person’s credit report into a number on a scale of zero to 1200.

Veda will provide real-time access to the credit reports of over 16.4 million Australians using the VedaScore product to QNA. This information will be used to enhance the reliability and security of DriveMyCar Rentals transactions.

The second reputation agreement QNA has signed is with Edentiti Pty Ltd, which focuses on identity verification with its main product D&BgreenID.

The product allows a person to use their key documents such as a driver’s license or passport to verify their identity. The product is used by large businesses in Australia including Australia Post, NAB and Optus.

D&BgreenID will now be made available to QNA’s DriveMyCar Rentals, allowing both renters and customers to more easily establish their identities online.

Interleasing ex-fleet cars now with DriveMyCar rentals

Earlier this year, QNA teamed up with McMillan Shakespeare Group, a $760M Australian car leasing company – to provide late model ex-fleet vehicles from its Interleasing division for DriveMyCar Rental’s car pool.

The first cars from Interleasing have been delivered to DriveMyCar Rentals and are being rented by customers. QNA says Interleasing is now working to make additional vehicles available.

QNA launches Share Purchase Plan

QNA has recently raised $750,000 through a share placement to institutional and sophisticated investors. 375 million fully paid ordinary shares were issued along with 187.5 million free attaching options at a price of $0.002 each.

This money will be used to accelerate the expansion and refinement of QNA’s three collaborative consumption businesses. QNA is now hoping to raise $250,000 from regular investors with a Share Purchase Plan.

QNA says the SPP is an opportunity for small shareholders to increase their holding in QNA by purchasing fully paid ordinary shares priced at $0.002 each up to the value of $15,000. The offer closes on the 21st of November.

Annual General Meeting to set up 2015

QNA’s Annual General Meeting will be held on the 28th of November in Sydney.

On the agenda will be a 10 for 1 share consolidation and a potential name change for the company.

QNA wants to change its name from “Qanda Technology” to “Collaborate Corporation,” saying the new name communicates its business focus much more clearly.

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