Australia-based Afterpay Ltd. has raised A$650 million via a fully underwritten institutional placement of 9.8 million ordinary shares priced at A$66 each.

The placement is scheduled to be settled July 10, with the shares set to be allotted through the ASX and to commence trading on July 13, according to a July 8 filing.

Separately, Afterpay co-founders Anthony Eisen and Nicholas Molnar each sold 2.05 million shares at the placement price. The shares represent 10% of their respective holdings in the financial technology company.

Additionally, the company plans to raise about A$150 million through a share purchase plan offered to eligible shareholders. The shares will be priced lower than A$66 and the five-day volume-weighted average price of Afterpay shares up to the closing date of the share purchase plan.

Afterpay said the funds raised will be used to boost investment in growing underlying sales and prioritizing global expansion in the short term.