02 October 2014

Digicash closes EUR2.2m funding round

28 May 2014  |  1002 views  |  0 Source: Digicash Payments

Digicash Payments, the Luxembourg-based mobile payment specialist, has just closed a €2.2 million funding round backed by its founders, the SNCI and the Luxembourg Government.

This additional funding will allow the company to start a new phase of development, both on a national and on an international level. The next step relates to the installation of Digicash Beacon payment terminals in Luxembourg and a first international project as a mobile payment technology provider.

Digicash began as a start-up building a whole new mobile payment ecosystem in Luxembourg. After having signed up Luxembourg's main retail banks (BCEE, POST Luxembourg and BIL, soon to be joined by BGL BNP Paribas) to provide the Digicash Apps to their clients, the company continues to grow its local acceptance network. Furthermore, R&D efforts are currently devoted to the Digicash Beacon project, introduced in January 2014. This concept, based on a combination of Bluetooth Low Energy (BLE), NFC and QR Codes, enables consumers to trigger payments using any of these technologies with their smartphone at the point of sale, always delivering the best user experience available. Digicash Beacon payment terminals will be deployed in shops by the end of the year.

Today, Digicash Payments has grown into a premium technology provider for mobile payments. Its high performance processing platform and Apps enable its clients and partners to benefit from the company's unique expertise acquired since 2010 in the mobile payment area. Products and services are not only suited for banks and payment specialists, but also for retailers and telecom operators.

To support the company's development, Patrick Nickels, President of the SNCI, has signed an agreement with Raoul Mulheims, Mike Sergonne and Georges Berscheid, the founders of Digicash. Thus, together with the support of the Luxembourg Government, they completed a new funding round of €2.2 million, which aims at accompanying the company's next phase of development. "We are of course very happy to work with the SNCI and the Government for the development of our mobile payment business", says Raoul Mulheims, CEO of Digicash Payments. "This will enable us to accelerate our growth both in Luxembourg and on international markets".

At the time of granting this loan, the SNCI has reminded of its mission of supporting innovative start-up companies. As Mr Nickels points out: "This project demonstrates the SNCI's financial intervention in innovative projects, carried by young Luxembourgish start-ups. The Digicash project is a project with a high technological added value and thus very promising for the development and the diversification of our economy." 

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