MoPowered – listing on AIM

After a funding round to raise £2.5m in the summer, see here, MoPowered, the mobile commerce website development platform, has announced that it will list on AIM, at the same time raising a further £4m to fund an increase in sales and marketing, continue development and pay back some debt.

MoPowered, founded in 2006, focuses on SMEs that have already built an on-line sales channel, using the MoPowered platform to quickly provide them with a high quality mobile-commerce site so that they can benefit from the growth in this channel. This new site will offer the same content as their online presence, but optimised for viewing on a small screen, navigable using a touchscreen and providing access to the retailer’s payment gateways. MoPowered receives a set-up fee and then a percentage of the transaction value. This is a cloud-based service which the MoPowered management believes will scale.  With over 100 customers signed up, the key strategy is to build market presence, the customer base and annuity revenue, hence the investment in sales teams and the link with payment service providers to act as agents for the MoPowered offering. When we met the management, they indicated that expansion into Continental Europe is targeted for 2014.

 As we have discussed in our report on mobile commerce, “Setting the scene for Mobile banking”, accessible by FinancialServicesViews subscribers here, the growth in mobile commerce far exceeds that of on-line retail. MoPowered offers a new angle on this market development. Well worth watching.

Posted by Peter Roe at '18:24' - Tagged: mobility   payments