August 27, 2013
Earlier this month Skrill, a mobile payment startup gave 8 fold returns to Investcorp a large private equity firm. Investment in the payments space has garnered interest from VC’s in Europe, Asia and USA.
In this post we’re briefly covering some of the other UK mobile payment startups who have either got funding or are on the list of the investor’s radar and are the ones to watch out for:
1. Gocardless - A UK based payment firm which allows small and medium businesses to accept direct debit payments. In August, 2013 the company has picked up funding of about $4.8 Million from US and UK based VC’s. The firm is backed by Y-Combinator, Passion Capital and Accel Partners.
2. Powa Technologies - Powa Technologies are popular in the mobile payments space for its offering mPowa. mPowa allows merchants to accept debit and credit card based payments through free card reader and a smartphone similar to what Square does. In August, 2013 the company picked up $76 Million in funding from a single investor as part of the Series A round of funding. Dan Wagner, CEO of Powa Technologies has also put in $20 Million before raising $76 Million in funds.
3. TransferWise – TransferWise offers a lower cost alternative to move money internationally by charging a low exchange fee in comparison to the fee charged by the regular banks. The company is backed by investors like Index Ventures, Kima Ventures, IA Ventures and Seedcamp. In May, 2013 the company picked up $6 Million in funding as part of its Series A funding.
4. Droplet – Droplet is an app through with money can be transferred without any processing fees. The company receives revenues through charging merchants for some value added paid services which help them understand customers better and link loyalty programs. In May, 2013 the company was seeking around $4.6 Million in funding for expand its business operations.