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Mi-Pay

February 2011

Mi-Pay To Help O2 Deliver New Pay & Go Auto Top-up Services

Mi-Pay, the leading mobile payments supplier, has been selected by O2 to provide a range of new automatic top-up services to over eight million O2 Pay & Go customers in the UK.

Mi-Pay has been contracted to deliver regular (weekly or monthly) and low- balance auto top-up services to O2 customers who top up their Pay & Go mobiles using credit and debit cards. Customers will be able to set up and manage auto top-ups easily online using O2’s existing online portal. It is expected to be launched on 24 February 2011.

‘Jonathan Earle, Head of Consumer at O2, said “We know our Pay & Go customers want to stay connected to their friends and family. This service allows our customers to keep control of their spending but with confidence that they won’t run out of call credit.’

Allan Jakobsen, CEO of Mi-Pay adds, “Our selection by O2, reflects our position as a prime partner for mobile top-up services. Many of our existing operator clients have realised significant revenue benefits from supplementing ad hoc prepaid top-up with regular and low-balance top-up options. We look forward to helping O2 evolve its prepaid service portfolio to deliver new levels of convenience for its customers and drive higher levels of ARPU for its business.”

The new O2 top up services will run on Mi-Pay’s PCI DSS certified platform which ensures the safe handling and processing of consumers’ financial and card data, minimising the likelihood of fraud and helping to safeguard the operator’s brand reputation.

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12 October

Mi-Pay announces annual customer transaction revenues of over £100m

As recession, competitive pricing, and big-box retail channels drive prepaid adoption, Mi-Pay is extending its Prepaid Payments Gateway to international mobile operators seeking to maximise ARPU, improve EBITDA and extend services. Handling annual transaction revenues in excess of £100 million, Mi-Pay’s PCI DSS Level 1 certified platform already delivers multi-channel prepaid topup to leading MVNOs such as Tesco, Carphone Warehouse and Vodafone as well as post-paid billing to operators including Du.

Mi-Pay believes that unprecedented prepaid growth, declining ARPUs and more stringent financial regulations are causing many leading operators to re-examine their payments infrastructure. Stuck with prepaid topup platforms that won’t scale-up, afford poor functionality and little channel flexibility, many are struggling to meet current capacity, delivery or regulatory requirements without incurring significant capital investment.

Consequently, Mi-Pay’s well-proven, secure and flexible Payment Gateway provides operators with a viable and cost-competitive alternative that removes the burden of expanding and maintaining their own internal platforms. It can deliver an indemnified, pre-PCI certified, multi-channel prepaid topup and mobile money transfer platform that effectively reduces Capex and Opex and mitigates risk allowing them to rapidly evolve their prepaid channel proposition in line with market demands.

Allan Jakobsen, CEO, Mi-Pay states, “In some markets, between 20 - 40% of airtime is still supplied via scratch cards. If replaced by other channels such as mobile, online and ATM-based, studies show that operators can increase their EBITDA margin by between 3 - 5 percentage points*. Mi-Pay can help them do this quickly and cost effectively and with minimal expenditure. Where they are already offering online topups, Mi-Pay can help them migrate to a more efficient and secure platform so they can scale up and out while keeping investment to a minimum.”

Mi-Pay also states that when it comes to prepaid payments security, risk mitigation and ARPU remain key challenges for operators.

Jakobsen confirms “Already PCI DSS Level 1 Merchant and Service Provider certified under both MasterCard and Visa, Mi-Pay’s processes and platforms are designed to safeguard consumer data while protecting operators’ reputations. It is also indemnified which means that we carry all the ‘transaction’ risk on behalf of our operator clients. We also provide comprehensive data analysis and reporting as part of our service. This allows operators access to the ‘intelligence’ that is essential for managing customer lifecycles, targeting promotions and keeping ARPUs high.”

Combined with Mi-Pay’s extensive mobile money services, which includes international and domestic value transfers, Mi-Pay believes its global platform and performance combine to make it one of the most attractive prepaid payments partners for operators in both developed and developing markets.

September 2010

Mi-Pay Gears Up for Global Growth With Appointment of New CEO, Allan Jakobsen

Recruits Senior Telco Player To Power New Expansion Phase

Mi-Pay Limited, the award winning mobile money service provider, is planning to ramp up its aggressive expansion programme with the appointment of Allan Jakobsen as new Chief Executive Officer.

Having held executive positions within a number of Telcos across Europe, including leading Danish operator TDC, Jakobsen also has extensive payment industry experience as the former President and CEO of the largest Telco data and clearing house Dannet/MACH. His appointment will further strengthen Mi-Pay’s ability to drive competitive service and operational advantage to international mobile operators, MVNO’s and financial institutions.

Original founder and former CEO, Norman Frankel, will retain a central role within Mi-Pay, as part of the executive management team and as Chief Business Development Officer where he will focus on developing the strategic relationships that will be vital for Mi-Pay’s future success.

Commenting on his new role Jakobsen confirms, “I am thrilled to take on this new challenge. Mi-Pay has already proven its value since its inception in 2004; becoming a leading global player in the dynamic mobile payments market, which is projected to reach US$264.8 billion by the year 2015*. We are now ready to take the next step in Mi-Pay’s growth strategy. We have a strong customer base that includes the likes of Du, Tesco, Carphone Warehouse and Zain. Our proven, multi-channel payments platform is supported by a dedicated team who demonstrate true passion for customer service. Norman has been instrumental in achieving this and we both look forward to taking Mi-Pay’s mobile banking, money transfer and international and domestic top-ups to an even wider audience than ever before.”

In terms of his objectives, Jakobsen is clear, “Growth and innovation are a core part of Mi-Pay’s corporate DNA. We will continue to develop and deploy new mobile payments services that reflect the strategic direction of our customers. We have aggressive regional expansion plans to boost our International Airtime Transfer network to over 60 countries by the end of the year. In addition, we will continue to invest in our PCI Level 1 certified platform to add value to our bespoke managed services as well as white label solutions.”

Commenting on Jakobsen’s appointment, Executive Chairman of the Board Michael Dickerson states, “Since Mi-Pay´s foundation over 6 years ago, the company has experienced phenomenal growth. To ensure we are ready for the next phase, we are evolving our organisational structure as well as our solutions. Allan has the Telco and payment industry experience we need to drive further into operator based services as well as a considerable track record of commercial success. At Mi-Pay, Allan is part of a great team; we welcome his valued contribution and leadership.

* According to a report published by Global Industry Analysts, Inc in June 2010.

Febuary 2010

Mi-Pay to provide Zain with international airtime mobile top-up service

• Enabling people overseas to buy and send Zain customers airtime
• Launched in Kenya, other Zain operations to follow soon

Mi-Pay is to provide Zain, the leading Middle East and African mobile operator, with an International Airtime top-up service that enables people in the UK, Europe, USA, and Canada to purchase Zain airtime for friends and family living in countries where Zain operates.

The new service is now live ‘to Kenya’ with further roll-outs to Uganda and Tanzania, and other countries planned over the coming months. Those using the service will be able to top-up each specified mobile phone, a set number of times a month, with defined airtime values ranging from 1500 to 3500 KES (approximately $20 USD to $50 USD / equivalent value for £12 GBP to £30 GBP).

With 30 million members of the African diaspora abroad currently contributing approx $40 billion annually in remittances to Africa, Zain and Mi-Pay anticipate high demand for the service.

Under the contract, Mi-Pay is providing Zain, which now operates in 23 countries including 15 sub-Saharan African countries, with full-service delivery which includes Zain branded front-end web designs; settlement and reconciliation; merchant acquisition; and system monitoring and reporting.

“We operate in many prime remittance corridors where people living in rural and remote regions rely on family and friends abroad for additional financial support,” says Chris Gabriel, CEO, Zain Africa. “We believe this international top-up service will provide a new way to channel this support through the provision of airtime. We chose Mi-Pay, because of its proven expertise and capability.”

The scalable and flexible solution will allow Zain to quickly create, implement and roll-out the international top-up facility; creating valuable new revenue streams and vital new services for its customers.

Norman Frankel, CEO of Mi-Pay states, “We are delighted that Zain has agreed to work with Mi-Pay on an exclusive basis, using our International Airtime platform to deliver remote airtime top-up. Given the high numbers of Africans now living abroad and their desire to ensure contacts at home have access to crucial mobile communications, we believe this will prove a popular service. Our world class platform is designed to accommodate rapid growth allowing us to ‘go-live’ in both recipient and sending countries in quick succession - with minimal cost and risk to Zain.”

Febuary 2010

Albion Ventures Provides Further Funding to Mi-Pay

Albion Ventures LLP has underpinned a £3 million round of investment in Mi-Pay Ltd (“Mi-Pay” or “the Company”), a leading processor of payments for the fast-emerging mobile money sector.

Mi-Pay’s existing service enables customers to ‘top-up’ their pre-paid mobile phone directly on-line, or via their mobile phone, rather than using indirect brand channels such as Paypoint or Bank ATMs. Benefits of the direct service include cost reductions for mobile network operators and a more personal engagement with customers, removing the anonymity of customer relationships allowing substantial improvements in customer churn management.

This round of investment will enable Mi-Pay to roll out its new mobile money services, which are now fully developed and ready to scale with blue-chip launch customers. The additional mobile phone services include:
• International Airtime Top-up: Customers can top-up pre-paid mobile phones on behalf of friends or relatives overseas.
• Domestic money transfer: Enabling agent networks such as banks and mobile operators to run domestic money transfer services in emerging markets.
• International money transfer: A white-label service enabling money transfer networks to run direct (online and mobile phone initiated) money transfer services.

Mi-Pay currently operates throughout Europe, Africa and the Middle East, and has an impressive client list of well known brands including Tesco Mobile, The Carphone Warehouse, Vodafone, Du in UAE, KPN Telfort and Zain amongst others.

24 November 2009

Mi-Pay wins IAMTN award for "Most Innovative Company in Money Transfers"

Mobile Handset Money Transfer Solution Steals the Spotlight at GMTS Summit

Leading mobile money provider Mi-Pay, has been selected as the "Most Innovative Company in Money Transfers" by the International Association of Money Transfers (IAMTN), the trade body that represents the global money transfer industry. The prestigious award was presented by the RT Hon Lord Lamont of Lerwick, Honorary President of the IAMTN, during the Global Money Transfers Summit (GMTS) in London on 11th November in front of business leaders from money transfer companies, banks, regulators, suppliers, inter-governmental agencies, technology companies and international legal firms.

The Award was made in recognition of Mi-Pay's agent-based money transfer solution which has allowed operator independent services to be deployed in challenging countries, such as Sudan. Also acknowledged was Mi-Pay's persistent work with regulators to help bring robust, secure and reliable mobile financial service platforms to the industry. The Award coincides with Mi-Pay's fifth anniversary: which makes it one of the most experienced mobile money service providers in the world as well as the most innovative.

As a truly global lobbyist of the remittances industry, IAMTN raises awareness of importance of the money transfers as one of the most dynamic sectors of the world economy as well as a widely spread social phenomenon. The Award forms a key part of IAMTN's role by highlighting excellence and recognising best practice.

Leon Isaacs, Managing Director IAMTN added, "During the past year, Mi-Pay has demonstrated tremendous innovation in both solutions and its approach to markets. Its foresight and technical expertise has enabled it to take mobile money transfer into areas that were previously impossible; creating new opportunities for social and economic growth and greater financial empowerment for previously disenfranchised populations."

The award was accepted by Norman Frankel CEO of Mi-Pay who commented, "We are delighted to receive this recognition of our efforts in driving mobile transfer services to new markets, through new channels, using innovative solutions. This is a tremendous accolade for our company and a terrific endorsement for our customers, partners and team whose dedication has made the agent-based service roll out in Africa a success. We thank the IAMTN for its endorsement and look forward to continuing to deliver affordable, commercially viable mobile money transfers solutions that reflect the realities of the modern world."

22nd June 2009

Mi-Pay and Small World Create ‘Mobile Money’ Superhighway For Mobile Operators

Unique Partnership Provides Operators with Instant, Low Risk Access to International Mobile Topups and Money Transfers and Paves the Way for Inclusive Financial Services

Leading international mobile money services provider Mi-Pay, and Small World Financial Services, Europe’s leading global money transfer business, are partnering to provide operators with a ‘fast-track’ solution for immediate global mobile money transfer and international prepay phone topup to over 30 strategic country corridors.

At last, mobile operators can meet growing customer demands for accessible financial services using a proven, secure mobile money platform, without having to wrestle regulatory red tape or carry heavy financial risks. Both Small World and Mi-Pay are leaders in their fields and bring an unrivalled and complementary mix of operational and regulatory expertise; business and technical processes; and key market knowledge, to facilitate mobile money payment solutions, globally.

Ideal for operators seeking to take advantage of the expanding Mobile Money market in Africa and other parts of the Southern Hemisphere, the service delivers enhanced offerings such as domestic money transfer; international money transfer; and even the ability to allow friends and family to perform international top-ups for overseas relatives’ prepaid phones.

A New Mobile Money Superhighway
The partnership allows Mi-Pay's mobile money payment solution to be integrated into Small World’s money transfer hub, which is already servicing a number of European banks and together, creates a ready-made mobile money highway; offering Mobile Operators all the necessary regulatory, compliance and foreign exchange services to deliver immediate money transfer services globally and give their customers access to Europe’s 3rd largest distribution network for sending money transfers.

At the same time, leveraging its 60 branches and over 1,500 agents, Small World will use the Mi-Pay Globaltopup service hub to offer international prepay phone topup to over 30 country corridors. This will enable Mobile Operators to offer a unique customer experience, increasing attractiveness of their retail offering, whilst improving ARPU and reducing churn.

By collaborating with Small World, Mi-Pay will be able to extend its services into new countries, leverage an enhanced distribution network and work much earlier with clients in the payment, regulatory and compliance process.

Fast, Flexible Service for Operators & Customers
Nick Day, Small World Managing Director states, “Mi-Pay’s payments expertise, business process support and knowledge of online and mobile applications for top-up and transfer, allows us to manage and control a reputable, yet flexible service to our target customers. With Mi-Pay, we are now able deliver international airtime top-up and future mobile domestic money transfer services to both existing and new customers as we grow and expand our network worldwide.” “Mobile Operators are increasingly targeting broader segments of the community,” comments Norman Frankel, Chief Executive of Mi-Pay. “Domestic and international money transfer and topups will be vital for stimulating new revenue streams from many of these rapidly developing markets. Small World are the only global money transfer hub successfully delivering white-label solutions off a sophisticated and scalable platform – and they provide the treasury, foreign exchange, settlement and customer support processes required to deliver high quality service for retail customers - together we can provide operators with easy-to-implement, quick-to-market mobile money solutions to attract and retain customers with compelling services that offer greater financial inclusion and lifestyle freedom.”

He adds, “Together we can create a new ‘Mobile Money Superhighway’ that combines greater scale and more distribution points with internationally compliant and regulation-ready solutions. In return, we can offer all parties faster implementation and a better price for participating in the payment chain.”

The combined Mi-Pay and SmallWorld international proposition includes Money Transfer and Top-up hub, regulatory compliance, banking licences and business process management expertise. It is offered on a white-label and revenue share basis to mobile operators, wishing to drive additional revenue and reduce churn from existing customers.

Mi-Pay is a founding member of the GSMA’s Mobile Money Vendor programme and is active participant in the Mobile Money for the Unbanked programme. Both Small World and Mi-Pay are advisory members of the International Association of Money Transfer Associations.

About Mi-Pay™
Mi-Pay, the leading mobile money company, provides an innovative range of products and services that enable consumers around the world to undertake safe and secure financial transactions from their mobile phones. Based in the UK, Mi-Pay also has offices in Dubai, Romania, India and Pakistan, bringing a global perspective to the provision of secure transactions from the consumer’s handset through to settlement. Mi-Pay has vast expertise and service offerings that span pre-pay top-ups, mobile money transfer, mobile initiated payments, mobile banking, handset based authentication and consultancy. For more information visit: www.mi-pay.com.

About Small World Financial Services
Small World Financial Services Group is a pan-European family of retail financial services businesses. With over 50 years’ experience, it offers customers quick and dependable solutions for money transfer, cheque cashing and bureau de change. Small World is headquartered in London, UK and trades in 8 European countries, servicing retail and corporate customers wishing to send or receive money worldwide. Small World’s brand family includes some of Europe’s most trusted and best known marks such as LCC, UNO, Global Link, Express Funds, Universal de Envios and Bayba. For further information, please visit: www.smallworldfs.com

Contact Mi-Pay
Ioana Dudas
Communication Manager
Mi-Pay
Phone: +40 369 435 270
Email: ioana.dudas@mi-pay.com

Contact Small World:
Teresa Dinis
Head of Marketing & Business Development
Phone : +44 (0) 20 7378 1100
Email : teresa.dinis@lccmt.com

30th March 2009

Carphone Warehouse Selects Mi-Pay As TopUp Partner For ‘Talkmobile’ Following 88% Boost In Its Customer Lifetime Values

Carphone Warehouse Confirms Mi-Pay’s Success In Boosting Customer Value & Lowering Costs & Chooses Mi-Pay Mobile & Online Services For Its New Flagship MVNO

Leading mobile payments provider Mi-Pay, is reporting an 88% improvement on customer lifetime value for Carphone Warehouse Mobile Virtual Network Operators (MVNOs) through its high demand topup services. So impressed is Carphone Warehouse with Mi-Pay’s performance, that it has chosen it to deliver new mobile and online top-up services for its latest flagship MVNO brand; Talkmobile.

Already successfully driving topups for Carphone Warehouse’s Mobile World, TalkTalk and Fresh MVNOs, Mi-Pay enables subscribers to topup their prepaid accounts directly from their handset and to manage their accounts, online, through a simple web interface. The result: greater web visits, higher top-up values, better subscriber retention and more flexibe customer payment options - all at a lower cost.

“Mi-Pay has proven its ability to deliver market leading, innovative topup and direct channel services that add direct value to our bottom line”, said Scott Stewart, Director of Operations & Customer Loyalty. “Transforming topup from a service requirement into a unique loyalty building tool; it has lowered cost of delivery by 30%; boosted average topup values by 12%; and improved customer retention by 20%, over traditional topup methods. This can add up to an extra £200 of customer lifetime value to a mobile operator or MVNO brand.”

All Carphone Warehouse MVNOs require a flexible and stable service that incorporates both standard pre-pay and the new generation of hybrid services. However, Mi-Pay takes this to a new level for Talkmobile, providing a fully unified pre-pay payment service across all direct channels; providing a seamless customer experience whilst greatly reducing the potential impact of fraud. With Talkmobile, pre-pay subscribers will experience services previously only available to contract users including a comprehensive self-service web portal that provides a complete overview of their account.

Stewart comments, “We are excited to have Mi-Pay as a strategic partner and will be looking to continue delivering industry leading services for Talkmobile and the wider Carphone Warehouse MVNO Customers”.

Norman Frankel, CEO, Mi-Pay adds, “We are delighted to prove that our topup solutions are, once again, delivering real added value to our customers; particularly in the current economic climate. Carphone Warehouse’s decision to work with Mi-Pay on Talkmobile, its flagship MVNO brand, is testament to the trust they have in our innovative, secure and reliable service - and its revenue generating ability.”

For more information contact Mi-Pay:

Alison Hanley
Consultant
Escapade PR
m: +44 77 5206 2944
Alison@escapadepr.com

Ioana Dudas
Communication Manager
Mi-Pay
Phone: +40 369 435 270
Email: ioana.dudas@mi-pay.com

March 2009

Mi-Pay and Isys Go Live With ‘Saraf-Mobile’ In Sudan, And Announce Roll-out of Person-to-Person (P2P) Mobile Money Service Across Middle East & Africa

Dubai & Kuwait, March 9, 2009 – Leading mobile money services provider Mi-Pay and Isys Global Trading Group, a leading value added service provider to mobile operators and financial institutions have combined forces to launch a new person-to-person money transmission service which is now live and fully operational in Sudan.

Called ‘Saraf-Mobile’, the new platform delivers secure payments capabilities to companies and individuals using their mobile phones; creating a cash transfer channel packed with application and service potential for financial institutions. The new pan-Arab service is the first phase in a planned roll-out which will cover 22 countries within the Middle East and North Africa.

With ‘Saraf-Mobile’ people in Sudan can now transfer money immediately from one recipient to another irrespective of their location. People can send money to family and friends; businesses can receive payment direct from customers’ mobiles; and financial institutions can target and serve the huge mobile consumer base that exists within the region. All that’s required to make a transfer is the recipient’s mobile phone number.

‘Saraf-Mobile’ represents a true collaborative approach between Mi-Pay and Isys:

Mi-Pay supplies the open-system technical infrastructure including transaction clearance and settlement interface as well managing the regulatory framework, training and associated skills development.
Isys, through commercializing the technology and capitalizing on its network of regional offices, provides local management and first line technical support as well as partner recruitment and local regulatory approvals.

Both Mi-Pay and Isys are eager to emphasise the opportunity for Financial Institutions across the Middle East and Africa. Representing a completely managed, customer ready operator independent service, ‘Saraf-Mobile’ is a fully-supportive channel that enables mobile phones to be used for money transfer. It dramatically reduces the time to market and operational overhead traditionally associated with establishing this type of service model. It also provides potential to evolve new revenue streams for financial institutions by providing ubiquitous payments services such as mobile top-up, utilities payment and money collection.

‘Saraf Mobile’ also creates a new authorised cash channel for both the ‘banked and unbanked’. Individuals can simply go to a ‘Saraf-Mobile’ agent to transfer money easily, securely and quickly; the recipient is advised same-time via SMS to go to their local “Saraf-Mobile” agent to collect the transferred cash.

Glen Jennison, Managing Director Mi-Pay Middle East explains, “Mobile Money Transfer (MMT) can deliver huge benefits to countries and people throughout Africa and the Middle East. With the launch of ‘Saraf-Mobile’, Mi-Pay and Isys are demonstrating their foresight and commitment to the region. There is no need for a Bank account, a plastic card or an ATM. Cash is king in the majority of Middle East and African countries and mobile phone penetration can be almost 100%. The opportunities for ‘Saraf-Mobile’, therefore, are immense. Mi-Pay is proud to partner with Isys to deliver financial service solutions that offer greater access and financial freedom to individuals and business alike.”

Mohammed Al Rashidi Managing Director & CEO of Isys comments, “Isys and Mi-Pay are working as one team to help financial institutions deploy ‘Saraf-Mobile’ without boundaries. We are glad to be working with an innovative, application driven company such as Mi-Pay and are looking forward to deploying ‘Saraf-Mobile’ in all Isys operations, currently in 22 countries, throughout the Middle East and Africa. ‘Saraf-Mobile’ is the first outcome from a unique program designed to provide innovative financial services; making it faster and easier for financial institutions to fulfil their growth ambitions.”

About Mi-Pay
Mi-Pay the leading mobile money company, provides an innovative range of products and services that enable consumers around the world to undertake safe and secure financial transactions from their mobile phones. With its International HQ based in the UK, Mi-Pay recognises the need to be local as well as global and has offices and operations in Dubai, Romania, and India, bringing a global perspective to the provision of secure transactions from the consumer’s handset through to settlement. Mi-Pay has vast expertise and service offerings that span mobile money transfer, mobile initiated payments, mobile banking, and pre-pay top ups. For more information visit: www.mi-pay.com.

About Isys Global Trading Group
ISYS is a Kuwaiti, Global based company, working in Telecom solutions; by bringing technology standards, and customized solutions through partners, operators, to Telecom Consumers. ISYS carries out advanced competitive leadership in Mobile Services, both local and regional such as Jordan, Bahrain, KSA, UAE, Yemen, Egypt; as well as Globally such as Sudan, Nigeria and more. ISYS has already reached 6 branch offices; ISYS Kuwait, ISYS Emirate, ISYS Jordan, ISYS Egypt, ISYS Sudan, ISYS Nigeria, and toward Europe and more. ISYS keeps providing many innovative mobile content solutions and financial services, as well as consultancy and applications to third parties and telecom companies. Based on the leaded concept, ISYS focuses on a standard model, to keep its solutions seamless for the location or region, and serve better the telecom consumers. For more information visit: www.Isys.mobi

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November 2007

Close Ventures invests £1.8m in Mi-Pay’s mobile payments service

Mi-Pay Ltd and Close Ventures are pleased to announce their agreement on an investment of £1.8 million for a minority stake in Mi-Pay Limited. Mi-Pay is the leading provider of mobile payment services to a number of blue chip customers, including KPN Telfort, Carphone Warehouse, Tesco Mobile, and Vodafone (UK and Netherlands).

Mi-Pay provides a range of mobile payment services. To date the Company has focused on enabling pre-paid mobile customers to top up their accounts directly from their phone or via the web. Mi-Pay’s service gives mobile customers payment card and direct debit functionality direct from their phone, while providing mobile operators with fraud screening and risk-management services. Mi-Pay is the European market leader for this service.

Mi-Pay is also in discussion with various blue-chip customers around the world to enable mobile remittances, both internationally and domestically, as well as cash-based top ups managed through the mobile handset. These latter services will be focused on developing economies, where new mobile services can grow substantially over a short period.

Mi-Pay, based in Surrey, UK, was founded in 2004 and has already delivered strong revenue growth year-on-year. The investment by Close Ventures allows Mi-Pay to continue its rate of expansion in a dynamic and high-growth market, whilst also developing other mobile payment services. This investment also allows Mi-Pay to buy out the minority shareholders of its subsidiary, Digital Payments Ltd.

“My team and I are delighted to have the funding and support from Close Ventures,” commented Norman Frankel, CEO of Mi-Pay. “We have identified many significant opportunities in this dynamic market and with this funding we can now take advantage of them.”

“We are very excited about the prospects for Mi-Pay; the potential for growth is enormous. The Company is well positioned with leading customers and partnerships in a fast-moving market. Mi-Pay has an excellent reputation within its niche, a clearly defined strategy for growth and a first-class management team” said Ed Lascelles, Director at Close Ventures.

Mi-Pay received legal advice from Bob Wilkin of Afrormosia. Ian Ivory of Berwin Leighton Paisner acted for Close Ventures, and Rebecca Guerin and James Killing of Vantis Corporate Finance provided financial due diligence.

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