To follow on from our maiden Tech Invest event, we’ve profiled some of the most exciting technology companies in the UK.
GrowthBusiness has now produced a new 2014 version of Tech Innovators, where we have again profiled some of the best technology ventures in the UK through interviews with founding entrepreneurs.
Based in: London
Founded in: 2008
No. of employees: 40
Company co-founder: Dominic Keen
Having helped grow online bank Egg prior to its sale to Citi Group in 2007, Dominic Keen is a well-known pioneer in online commerce. He co-founded MoPowered to act as a service provider for the $1 trillion of global m-commerce transactions that are forecast for 2015.
Background business profile:
Dedicated to providing m-commerce for all, MoPowered represents a recognised, accessible and cost-effective service to help all retailers to take advantage of the growth opportunities offered by increased levels of mobile traffic. MoPowered enables merchants to quickly and seamlessly execute a mobile strategy via mobil e-friendly websites and apps.
Having rode the wave of online banking success when part of the team which IPO’d Egg and ultimately sold it to Citi Group, Dominic Keen has set up MoPowered to address the rise of mobile smartphones.
The SaaS product that has been created is firmly aimed at the B2B market and building mobile-friendly websites so that engagement can be improved.
Already Keen has big plans for his business – ones which will have to be expedited quickly to keep up with a fiercely competitive environment.
‘We are looking to IPO on AIM in the next 12 months, so are working quite hard to get that away,’ he reveals.
‘We have launched a pre-IPO funding exercise which is looking to raise £1.5-2 million.’
When pressed on why London’s AIM market has been chosen as the company’s ultimate home, Keen says that becoming public will give MoPowered’s customer base more confidence in its offering.
‘It’s a more exciting place to be right now as much more money is coming back into AIM. There is a higher risk appetite for investors in tech, which hasn’t been there recently,’ he adds.
Two floats during the last year which have given him confidence are those of WANdisco and blur Group which, to him, signify that AIM is opening up a bit.
For business targets, MoPowered will be growing its pipeline by continuing to educate B2B consumers on the benefits of a mobile presence.
‘Our sweet spot is those between the £1 million and £20 million of online trading. For them, our proposition is clear and differentiated.’
- Processing around 500,000 transactions a month
- 60 live clients
- PCI-DSS Tier 1 processor
- Cash flow positive at the end of 2013
- Expansion into European markets in 2014
- MoPowered’s WebFlow technology automates the onboarding process for new merchants, to make the cost of implementation very low. Integration with new e-wallet products such as PayPal Shortcut, V.Me and Masterpass help to improve conversion optimisation across the mobile and tablet channels
- New platform features for improved search, enhanced site performance and compatibility with key mobile marketing methods
- Sage Pay
- Anthemis Investments
- Oxford University
- Government Angel CoFund