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4 December, 2013 - 21:11 By News Desk

Proxama raises fresh £8.6m for global growth

Neil Garner, Proxama’s chief executive

Next generation mobile payments and marketing specialist, Proxama, has raised £8.6 million to fund what it considers to be significant international growth opportunities. The company’s R & D nervecentre is in Norwich.

Proxama’s TapPoint® platform is an open API cloud based solution that helps businesses accelerate commerce by combining mobile brand engagement, loyalty and mobile contactless payments.

By connecting the physical and the digital worlds businesses such as retailers, brands, Out-of-Home media and stadia owners can engage with consumers by mobile-enabling their physical infrastructure to increase loyalty, receive relevant offers and increase sales.

Chris Chapman of My Business FD in Cambridge originally took Proxama from its fledgling stages more than three years ago, to be AIM-ready when the company floated in August. The cash will support geographical and commercial expansion, further product development, sales & marketing initiatives and scaling of the company’s Software as a Service (SAAS) platform.

Neil Garner, Proxama’s chief executive, said: “These additional funds will enable us to address the considerable opportunities that are emerging as the fast growing mobile commerce, NFC smartphone and contactless payments markets reach critical mass globally. With a highly scalable platform and blue chip customer base, we are well positioned for further growth.

“The success of today’s placing demonstrates the clear recognition and support by both existing and new shareholders of the potential of Proxama to deliver strong capital returns to our investors. We look forward to further leveraging our high margin business model and multiple revenue streams as we continue to develop our key partnerships across the mobile commerce value chain and build on our global foothold in this exciting sector.”

• PHOTOGRAPH SHOWS: Neil Garner, Proxama’s chief executive

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