MPOS vendor Miura nails $16 million funding from VC syndicate

Source: Miura

Miura Systems the leading provider of mPOS devices announced it has closed a $16 million round of funding to accelerate growth.

London-based DFJ Esprit Secondaries (DFJES) led the round with participation from DFJ Esprit EIS funds.

Miura Systems, founded by the team behind payment pioneer Dione plc that was sold for $112m and is now part of VeriFone Systems Inc., launched its first product just four years ago with a staff of less than ten people. Since then, the firm has rapidly accelerated to become a leading provider of innovative and highly secure electronic payment devices with a focus on mobile point-of-sale (mPOS). It now sells into 45 international markets across five continents, and counts major payment industry players such as PayPal and Swedish mobile payment firm iZettle as customers. It is rapidly approaching yet another landmark: one million units sold with an estimated transaction volume in excess of $4bn having been processed via Miura devices. Building on this momentum, Miura Systems, will use this investment to capitalise on its product investment and to further expand its global market position in the mPOS arena.

Ian Rutland, CEO of Miura, says "I am delighted that DFJES and their partners have recognized the exceptional growth story and potential of the Miura team and business in their recent investment. This transaction provides not only additional capital to support our ambitious growth plans but also additional input at board level to help refine our strategy and enable us to execute more quickly"

"Miura Systems is a fantastic example of an innovative UK business with world class technology taking on and beating the traditional players in this market space across the globe. This success has been reflected in our recent placing as number 3 in the inaugural Sunday Times BT Business SME Export Track 100, as a firm with one of the fastest growing overseas sales of any small or medium sized business in the country."

Olav Ostin, managing partner of DFJES, who has joined the Miura Board said "We are excited to be leading this investment and to be supporting Miura and its impressive team as they accelerate their growth globally. Miura, with its unique and innovative products, is at the forefront of the mPOS and tabletPOS market and we believe that Miura is very well positioned to extend its position as a leading POS payment player in the years to come.

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