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Mobile payment company attracts €1.1m investment

The mobile payment company Mobilly has attracted a €1.1m investment, including €0.7m from the risk capital fund ZGI-3, reported LETA Friday.

This means that Mobilly has attracted the largest investments in finance technologies this year.

Mobilly told the press that it will invest the funds in improving public transportation payment solutions and developing a new way of paying -- invisible payments.

The company says the investment will improve accessibility, increase the range of services and allow developing a digital payment platform. Mobilly plans on introducing solutions for small and mid-sized companies to allow replacing current means of payment with invisible ones.

"We're sure that, in the 21st century, there's room for an entirely new type of payments, leaving behind such traditional electronic payment solutions like code cards and calculators," said executive director Ģirts Slaviņš.

The ZGI-3 investment fund now owns 10.48% of the company. ZGI Capital is a fund management company created in cooperation with the Altum development finance institution. It has invested into 19 companies thus far.

Mobilly was set up in 2003. Its turnover grew 43% to €1.5m last year, with profits growing 8.2% to €186,020. 

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