Powa Technologies purchases Hong Kong start-up for $75m
Powa Technologies purchases Hong Kong tech start-up MPayMe for $75m. E-commerce specialist to use acquisition to become “world leader” in mobile payments.
Leading UK e-commerce firm Powa Technologies has acquired Hong Kong mobile tech start-up MPayMe in a multi-million deal valued at $75m.
Founded in 2010, MPayMe offers a multi-channel payments app, Znap, which allows businesses and consumers to supplement “efficient and secure” mobile payments.
With a global reach and offices in New York and London, its purchase by Powa Technologies is set to see Powa enhance its position in the mobile payments market with plans to combine the Znapp app with its own PowaTag solution.
Powa expects its value to reach $2.68bn following the buy-out.
Discussing the acquisition, Powa Technologies founder, Dan Wagner, said:
“This deal reinforces the perception that PowaTag is the emerging leader, if not the dominant provider, of mobile payment solutions worldwide.
“None of [the other mobile wallet companies] have had any traction from merchants.”