The GFG Group announced today it has completed its latest round of capital raising that brings the total to $10 million.
The contributors were two venture capital funds - TMT Ventures and Endeavour Capital, GFG executives, directors, staff and other high net worth individuals with an interest in the mobile phone and card payment solutions raising a total of $10 million.
"Our business plans reflect the rapid changes in the operating environment since September, and with the support of our current shareholders we remain debt free and to continue grow our sales by 15% by March 31st 2009", said Grant Halverson, CEO of The GFG Group.
GFG Group's Key achievements in 2008 include-
- Becoming one of the largest players in mobile payments in emerging markets with over 115 million consumers able to access GFG's payment solutions.
- A balanced strategy of focussing on 15 key target markets that will deliver year on year revenue growth of 15% by March 31st 2009. "In the current economic conditions this is an excellent result and demonstrates GFG's clear focus and ability to execute," said Grant Halverson, CEO.
- The addition of 4 new card management institutions in Europe, IndoChina and the Philippines with the PayFair Europe a multi-country network being a key highlight.
- New releases of GFG's two payment platforms - Simfonie for mobile payments and Cadencie for card management based on Java. . The successful use of modern computer languages such as Java, combined with extensive payments experience, delivers significant cost savings to clients in the current environment.
- The UAE and the Philippines markets achieved the highest level of growth for GFG in 2008 and will develop into key markets along with New Zealand and Australia in 2009-2010.
"Our key value proposition is delivering payment solutions to our clients that achieve banking standard performance, whilst using modern languages that enable cost efficiencies to be achieved. Our decision to focus on Asia, the Middle East and Australasia some 18 months ago now seems in hindsight like a strategic 'masterstroke' given how other developed economies are performing' said Grant Halverson. We expect to continue to improve our performance in 2009-2010"