The Company and Our Investment

Mi-Pay, founded in 2004, aims to be a leading processor of payments for the fast-emerging mobile money sector. Its service enables customers to ‘top-up' their pre-paid mobile phone directly online, or via their mobile phone, rather than using indirect brandchannels such as paypoint or bank ATMs.This direct service reduces cost for mobile network operators and offers a more personal engagement with customers, removing the anonymity of customer relationships and therefore allowing substantial improvements in customer retention.

Mi-Pay's service is based on a proprietary software platform/applications developed to process mobile payments, which can be applied to many different sectors. The Company has chosen to focus initially on top-up and money transfer applications.

Mi-Pay currently operates throughout Europe, Africa and the Middle East, and has an impressive client list of well known brands including Tesco Mobile, The Carphone Warehouse, Vodafone, Du in UAE, KPN Telfort and Zain amongst others.The Company is also developing additional mobile phone services such as international topup (customers can top-up the number of minutes available to them on behalf of friends or relatives), domestic money transfer and international money transfer.

"Mi-Pay is delighted to have funding and support from Octopus Ventures as well as existing investors. Its pedigree working with e-commerce related businesses will add significant value to our business and strengthens our list of blue-chip investors. With their help, we can develop the many significant opportunities in this dynamic market while continuing to deliver our award winning market innovation."

Norman Frankel, Chief Executive, Mi-Pay