MOBILE commerce platform MoPowered has secured £650,000 in its first round of fundraising, ahead of a planned listing on the AIM market in London.
The software service provider, which has distribution partnerships with PayPal, WorldPay and MasterCard and customers including retailer Next, is looking to raise £1.5m to £2m from investors before floating on AIM in the next 12 months.
The first round of fundraising comprised new money from institutional and private investors, as well as the conversion of loan stock into equity.
The second round is planned for mid-July and will also be a mix of new money and convertible equity.
Funds raised during the pre-IPO programme – which has a minimum investment threshold of £25,000 – will be used to support the group’s sales and marketing activities to grow the business.