Mi-Pay receives £1.8m for mobile payments service
UK-based Mi-Pay Ltd, which was founded in 2004 and provides a range of mobile payment services, has received investment of £1.8 million from Close Ventures.
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Mi-Pay already provides mobile payment services to blue chip customers like KPN Telfort, Carphone Warehouse, Tesco Mobile, and Vodafone (UK and Netherlands), and is in discussion with various customers around the world to enable mobile remittances, both internationally and domestically, as well as cash-based top ups managed through the mobile handset.
To date the company has focused on enabling pre-paid mobile customers to top up their accounts directly from their phone or via the web. Mi-Pay’s service gives mobile customers payment card and direct debit functionality direct from their phone, while providing mobile operators with fraud screening and risk-management services.
Already delivering revenue growth year-on-year, this investment will allow Mi-Pay to continue its rate of expansion in a dynamic and high-growth market, whilst also developing other mobile payment services. The investment also allows Mi-Pay to buy out the minority shareholders of its subsidiary, Digital Payments Ltd.
“My team and I are delighted to have the funding and support from Close Ventures,” commented Norman Frankel, CEO of Mi-Pay. “We have identified many significant opportunities in this dynamic market and with this funding we can now take advantage of them.”
“We are very excited about the prospects for Mi-Pay; the potential for growth is enormous. The company is well positioned with leading customers and partnerships in a fast-moving market. Mi-Pay has an excellent reputation within its niche, a clearly defined strategy for growth and a first-class management team” said Ed Lascelles, director at Close Ventures.
Mi-Pay received legal advice from Bob Wilkin of Afrormosia. Ian Ivory of Berwin Leighton Paisner acted for Close Ventures, and Rebecca Guerin and James Killing of Vantis Corporate Finance provided financial due diligence.
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© Chilli Publishing Ltd 2007 |
3 DEC 2007 |
