Accumulate scores $2 million investment

Mobile retailing solutions specialist Accumulate has picked up more than $2 million in a new round of funding, the firm has revealed.

Led by Nordic payment services provider PayEx – which already uses Accumulate technology in PayEx Mobil, Accumulate says the investment will be used to further its payments and security activity.

“Our existing and new owners see a great potential in Accumulates technology,” Accumulate CEO Stefan Hultberg said when the deal was announced.

“Our partnership with PayEx and their mobile payment solution PayEx Mobil has attracted great interest. With our patented technology for mobile payment and identification and the new capital, we can now accelerate the pace of development and opening up in more markets.”

“Accumulate's mobile security platform has great potential,” PayEx president Krister Fingal added.

“As one of the leading players in the Nordic market for overall payment services, and now also as a partner and owner in Accumulate, we look forward to many new and exciting commercial projects.”

Accumulate already boasts 9 million users and partnerships with major mobile operators and manufacturers worldwide, its Mobile Everywhere platform enabling what the firm describes as “innovative payment solutions and identification via mobile phones”.

The company's other service, Flexion, focuses on flexible sales processes for mobile content providers that increase revenue per customer.

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