Semafone Limited, a leading provider of secure payment software used by organizations taking payments over the phone, has completed a US$8 million growth capital fundraising. Business Growth Fund (BGF) invested approximately US$6.5 million with a further US$1.5 million from Octopus Investments and other existing shareholders.
Semafone is a leading provider of secure payment software used by organizations taking payments over the phone. Semafone’s payment method is patented in the UK and USA and allows call center operators and other businesses taking payments by phone to prevent fraud, improve customer service and to reduce Payment Card Industry Data Security Standard (PCI DSS) compliance costs by up to 80 per cent.
The transaction enables Semafone, led by CEO Tim Critchley, to support delivery of recent large contract wins and expansion in overseas markets, particularly through growing its presence in the North American market.
The company has a global collaboration with BT on the BT Secure Contact solution and is looking to accelerate development and take advantage of the substantial opportunities that exist for the Semafone payment platform globally.
Oaklins Smith & Williamson, based in the UK, acted as lead advisor in this transaction introducing BGF as new equity investor, and worked alongside the company and existing institutional investor, Octopus, to complete this investment.
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