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Venture capital investor Albion Ventures has assisted Mi-Pay, the outsourced payment services provider for global mobile operators, to join the Alternative Investment Market of the London Stock Exchange.
It follows completion of its reverse takeover of Aimshell Acquisitions plc (now called Mi-Pay plc).
Together with an investment round led by the Mi-Pay management team, the business will gain GBP4.4m of investment.
As part of the deal, Seamus Keating has been appointed chairman of Mi-Pay. Keating was previously chief financial officer of Logica and is currently chairman of First Derivatives amongst other roles.
Albion Ventures will continue to be represented on the board of Mi-Pay following admission to AIM.
Mi-Pay is a UK-registered and headquartered private company that provides a fully outsourced payments platform for global mobile operators, facilitating online payments for prepaid customers. Mi-Pay specialises in assessing and mitigating fraud risks whilst optimising payment success rates.
The additional funds will help the business accelerate commercial development.
Ed Lascelles, partner at Albion Ventures, says: “This is a great deal for Mi-Pay. The company already delivers a best-in-class service and has a broad, growing customer base in a dynamic market place. As a public company, Mi-Pay now has the platform to deliver on the significant commercial opportunities ahead.”
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