Powa Technologies raises $76m in first funding round

Powa Technologies, a UK-based payments e-commerce and mobile payments start-up, has raised $76m in its first round of funding.

Powa Technologies, a UK-based payments e-commerce and mobile payments start-up, has raised $76m in its first round of funding.

Powa was setup in London in 2007 by Dan Wagner and began trading in 2011. Powa, has created a product that allows merchants to process a credit card transaction through a smartphone or tablet.

It is also developing PowaTag, mobile technology that allows users to identify a product by taking a photo of it. PowaTag then gives the user a link to purchase the product.

Wagner said: "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."

Powa plans to open offices in five cities in the United States as well as in South Africa, Brazil, Mexico, France, Germany, Italy, Portugal, Sweden and the Netherlands

The UK workforce of the company is expected to grow from 180 to 400 employees with a further 200 jobs created overseas.

 

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