Powa Technologies had raised approximately USD76 million from its private placement of shares under advisement from Taylor Wessing, the international law firm. This transaction is considered as one of the largest investments undertaken for an early stage technology firm from the UK in the past few years.
Dan Wagner, back in 2007, established Powa Technologies Ltd and only became public in 2011. The firm creates technology that allows individuals to undertake transactions through mobile devices. Its central technology is its PowaPIN device, where credit and debit card payments can be done on the go through a mobile phone app for a number of platforms such as iPhone, iPad, Blackberry, Android and Windows with a card reader.
The investment done was done by an anonymous investor for a less than 25% stake in the company. The said investment was endorsed by UK Prime Minister David Cameron, would provide funding to hire 250 more employees in the UK as well as 200 others in other parts of the world.
According to Powa Technologies founder David Wagner, "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."
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