Mi-Pay, a provider of mobile payment services, has received a £1.8 million boost from venture capital trust investor Close Ventures.

Mi-Pay, a provider of mobile payment services, has received a £1.8 million boost from venture capital trust investor Close Ventures.

The investment will enable the company to continue its expansion plans in the fast-moving mobile communications market as well as develop other mobile payment services.

Whitehead Mann was introduced to the deal by Close Ventures to carry out management due diligence on Mi-Pay founder Norman Frankel.

Carol House, partner and head of business intelligence at Whitehead Mann, said: “By speaking with former colleagues, we were able to determine how the experience Norman gained, particularly at Logica, has enabled him to establish Mi-Pay to date as well as advise Close Ventures on how best to support him going forward.”