Broker and insurance technology group Ensurance plans to raise more capital to fund its UK expansion and pay down debts.

About $800,000 will be raised from a share placement and $6.23 million from a pro rata renounceable entitlement issue. The entitlement issue will follow the placement.

Ensurance will “use the proceeds… for the retirement of short-term debt, the expansion of the business in the UK, working capital and the costs of the entitlement offer”.