Cashcloud secures second-round private funding

Source: Cashcloud

Payment-corporation cashcloud announced today that it has secured a second round funding from a private European investment firm.

The cashcloud project has been conceptualized by experienced entrepreneurs and investors with a proven track record of success in the area of pre-paid, brand building and marketing especially in the mobile and internet world.

"While US startup Clinkle received attention for something they only intend to develop, the fact that this technology already exists in Europe and has gone unnoticed. In two years, mobile payments will be the most used channel for offline- and online payments and cashcloud intends to be a leader in mobile transactions," states Sven Donhuysen, chairman of cashcloud Holding AG.

Clinkle Founder Duplan has lately been awarded with 25 million US$ from a long list of Silicon-Valley-Investors to develop a new mobile payment system that already exists in Europe. According to Donhuysen this is "unbelievable".

"The market for mobile payment is growing rapidly, with the expected volume of mobile transactions to increase to $670 billion in 2015. While start-ups like Clinkle in the US or traditional payment providers like banks, mobile network operators or even PayPal are just starting to develop mobile payment solutions, cashcloud is currently able to deliver mobile payments with the eWallet and additional services for couponing and deals in Europe", noted Olaf Taupitz, Managing Director and CEO of cashcloud AG, the operational subsidiary, based in Luxembourg. 

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