Mobile phone payment specialist Mi-Pay has raised £3 million in a fundraising round led by Octopus Ventures.
Mobile phone payment specialist Mi-Pay has raised £3 million in a fundraising round led by Octopus Ventures.
Existing backer Albion Ventures and the company’s management also participated in the deal.
Mi-Pay’s existing service is provided to mobile operators such as Vodafone, allowing their customers to top up pre-paid mobile phones online or via the mobile itself without using channels such as Paypoint or bank ATMs.
The funding will be used to launch new services, such as the facility to top up mobile phones of friends or relatives overseas, as well as domestic or international money transfers via mobile.
The Octopus funds were from the firm’s Titan VCTs, Eureka EIS and the Octopus Investor Group.
