App55 gains North West Fund cash
MOBILE payment provider App55 has received investment from the North West Fund for Venture Capital, managed by EV.
The level of investment made by the £185m fund has not been disclosed, but is said to be “significant”. The fund can make investments ranging in size from £50,000 to £2m.
App55 was launched last year by Richard Beaton. The Salford-based company offers clients a service where online payments via websites, mobile phones or other platforms can be made by simply entering a short password.
The system handles e-invoicing, subscriptions and payment by instalments.
App55 company won Best eCommerce Payment Innovation at the eCommerce Awards for Excellence in London and was a finalist in the MobileBeat 2011 Startup Competition in Silicon Valley in July.
Mr Beaton said: “We welcome the backing of The North West Fund for Venture Capital, which is a very positive endorsement of our product and our business plan. App55 streamlines the payment process and makes it easier for the consumer to buy and therefore more attractive to the retailer, supporting sales.”
Doug Stellman, investment manager with EV, said: “A European Commission Green Paper issued in January 2012 identified key challenges in developing competitive card, mobile and internet payment systems across the EU. App55 contributes to the development of such systems.”
Barney Leaf, of Laytons Solicitors in Manchester, which advised App55 on the investment, said: “Richard is one of the driving forces of online payments in the UK and demand for these services grows on a daily basis.”
App55 was also advised by corporate finance firm Cole Associates. Ward Hadaway’s Manchester office provided legal advice to The North West Fund.
