British tech start-up Powa Technologies secures record $76m backing from US investors
Major investment to create over 450 new jobs in UK and overseas
UK ecommerce start-up Powa Technologies Group has raised $76m (£48.5m) in Series A funding from an unnamed American management fund, it was announced yesterday.
Founded in 2007 but launched in June 2012 by serial entrepreneur Dan Wagner (pictured), London-based Powa Technologies specialises in ecommerce products that allow consumers and businesses to make transactions using mobile devices.
Its platform, PowaPIN, enables credit and debit card payments to be received via its mobile phone app available for smartphones, tablets and card readers.
The company intends to use the finance, said to be one of the highest valuations for an early stage start-up, to expand on its existing 180 headcount in the UK with 250 new jobs and to extend its reach overseas with 200 new roles planned.
Its expansion plans will also see the opening of a series of international offices across the US, South Africa, Brazil, Mexico, France, Germany, Italy, Portugal, Sweden and the Netherlands.
Wagner commented: “We want to create a global tech brand and we want to do that in Britain. “It is about time that a pioneering UK technology company is funded in the same way as emerging leaders have been in the US – by getting sufficient capital to immediately go global.
“This investment is special in many ways but particularly significant in that I believe it is the first where a US institution has supported a British company with ambitions to dominate a huge and disruptive market worldwide.”
The record-breaking deal was also recognised by UK prime minister David Cameron who said: “This is great example of a British entrepreneur creating jobs within the UK and also creating a global brand that we can be proud of.”