Cutting edge mobile payment specialist Powa Technologies has announced that it has secured a further $20.7m investment to add to the $76m raised at the end of last year, proving the potential of its new PowaTag technology and underlining its status as the UK's first true 'internet sensation'.
In what has been flagged as a new world record Series A investment, Powa Technologies has secured a further $20.7m funding for its innovative retail technology solutions, bringing the total to $96.7m. This comes from one of the world's largest investment management funds and anticipates massive global success for Powa's revolutionary PowaTag technology.
Dan Wagner, Founder and CEO of Powa Technologies commented, "It's a monumental day for Powa Technologies. $96.7m is the largest Series A investment for a start up UK technology company. Today's incremental investment recognises our emerging global leadership position and represents the increased interest in our stock brought about by the imminent launch of our ground-breaking and transformative retail technology PowaTag. This places the company potentially well to become the first true British internet sensation and holds out the prospect of becoming a Google- or Facebook-sized internet success from the UK."
The PowaTag service allows consumers to purchase goods via their mobile phone in less than three seconds. The service enables shoppers to purchase items directly from physical stores or online, as well as magazine, TV and radio ads.
Dan Wagner is an advocate for transformational technology which he believes will empower an ailing sector, providing bold, innovative retailers with a true competitive edge in what has become a cut-throat marketplace.
Dan Wagner adds, "PowaTag is the future of true multi-channel retail and advertising. It enables merchants and businesses to collect smart data about their customers, products and promotions; develop marketing campaigns and extend the reach of traditional and not so traditional advertising channels. This service will allow companies to develop and deepen their customer engagement to drive growth."
Describing the world wide expansion rise of Powa Technologies Dan Wagner added, "This historic investment further consolidates our standing as a pioneering UK technology company. We have truly global aspirations and our innovations in mPOS and mCommerce are set to revolutionise the global market. With our network of offices now standing at 14, including New York, Mexico City, Madrid, Paris, Beijing and Milan amongst others, our global footprint is constantly growing and we continue to field demand and interest not only from leading retailers, manufacturers and brands across the globe,but also banks, telcos and payment processors excited by our innovative products and services."
The world wide launch press conference and the launch of the PowaTag will take place in the next month.