Norway-based mCASH has raised $7 million in funding from Northzone and Entrée Capital. In conjunction with the funding, Entrée Capital’s Ashley Head will join mCASH’s board of directors. MCASH is a provider of new mobile payment solutions.
Oslo, February 19th, 2014: Norwegian based mCASH has secured nok 43 million (US$ 7m) in venture funding from Northzone and Entrée Capital. The investment will be used to launch and deploy mCASH in Norway and internationally, thus making mobile payments easy, convenient and safe for everyone.
«Northzone is an important ally for us, considering their experience as early investors in companies like iZettle and Spotify. Entrée Capital has several lifetimes of experience in the payments space , and Ashley Head, a venture partner at Entrée Capital will be joining our Board of Directors. We were already well-prepared to realize our goals, but this infusion of fresh capital and domain knowledge will propel us forward even faster towards fulfilling our ambition of making easy, safe, instant payments available to everyone», says founder and CEO of mCASH, Daniel Döderlein.
«We have looked at several companies in the payments space. mCASH has unique technology, a strong team, and a holistic approach to the issues in the field of mobile payments. We have relevant experience and are proud to make our first investment from Northzone VII in mCASH. Together we will work to make mCASH the leader in payment services both at home and outside of Norway», says Torleif Ahlsand, General Partner in Northzone.
“Entrée Capital has kept a close eye on the mobile payment space over the last years. mCASH has created a unique and formidable offering comprising a complete environment between Merchants, Banks, Card schemes and loyalty organizations. The team at mCASH is amongst the strongest I have seen.”, says Ashley Head of Entrée Capital, former Director at MasterCard, Director at Chase Manhattan and founder and Director of DataCash (sold to MasterCard). “We will help to build upon the success in Norway and assist the team in expanding into new territories”, continues Mr. Head.
What is mCASH?
mCASH has developed a new payment solution that connects banks, merchants and customers through a real-time infrastructure. With the mCASH app you can connect your mobile phone to a bank account, credit account and credit card. You get all your money in one place. You can transfer money to any phone number in Norway.
Money received is available instantly, regardless of your bank connections. Merchants can offer their customers a fast, convenient, and safe way to pay with their phone at the cash register, online, and directly from an advertisement.
mCASH is the only payment solution of its kind today. Merchants don’t need any new hardware. mCASH works in any payment situation and is already supported by most Norwegian cash register and online payment systems. Customers can pay online with mCASH, whether they are browsing on a computer, tablet or phone. One of its competitive advantages is a simple onboarding process for customers. Additionally, mCASH offers value-added services like electronic receipts, customer identification, and the possibilities for an enriched shopping experience. mCASH makes payments easier while giving merchants new opportunities for increased customer base and profits.
mCASH is a Norwegian based payment service provider founded in 2010, with a license to operate within the EU from the Financial Supervisory Authorities of Norway. The company has been recognized with several awards, including “Best Norwegian Startup Company 2011” and winner of AppAcademy 2012, and has been nominated as a finalist in several startup competitions across Europe throughout 2013. mCASH launched their payment services publicly during February 2014 in Norway. Learn more at www.mcash.no
Northzone is the leading technology investment partnership in the Nordics. Over the past 17 years Northzone has been chosen by some of Europe’s most exceptional entrepreneurs as a long-term partner for growth.
Northzone has thus far invested in over 90 companies, injecting some 200 years of collective operational and investment experience into businesses that truly make a difference. Northzone is investing out of its 7th venture fund, and has offices in Copenhagen, London, Stockholm and Oslo. Northzone is also known for its investments in Spotify, Nimsoft, TrustPilot, Avito, Stepstone, EnergyMicro and Lastminute.com. Learn more at www.northzone.com.
About Entrée Capital
Entrée Capital provides multi-stage funding for innovative start-ups and growth companies all over the world.
Entrée Capital has built and invested in successful international technology companies the past decades. Entrée Capital investment strategy mainly revolves around companies with synergies towards the payments and risk/fraud business. Entrée Capital was founded by successful entrepreneurs with solid track within the payment area. Learn more at www.entreecap.com