UK paytech CellPoint raises $25m to expand internationally
Paytech CellPoint Digital has secured a $25 million investment in an equity financing round.
The funding round was provided by Toscafund and its private equity arm Penta Capital, following a series of investments by the two entities worth $56 million since their initial investment in 2019.
The UK-based e-commerce and payment solutions provider says it will use the cash to expand into new international markets.
The investment will also support the platform’s expansion into new market verticals, alongside its travel, retail, gaming and crypto offerings.
By harmonising payments across different regions and methods, CellPoint allows merchants to adopt a multi-acquirer payments model.
CellPoint says merchants make more money thanks to lower operational costs for cross-border payments and its frictionless payment solution.
CEO Kristian Gjerding says CellPoint has seen strong demand from “a range of enterprises wishing to optimise their digital payment and commerce solutions, while countering the major challenges they face with existing providers to deliver quickly and cost-efficiently”.
“The logical next step is to widen our global reach and penetrate new market verticals that stand to be transformed by our solutions,” Gjerding adds.