Mobile payments app Bluecode said to raise €11.2m

Mobile payments solution Bluecode has reportedly netted €11.2m in a new investment round.

The capital was supplied by three unnamed family offices, which will acquire a combined 13 per cent of shares in Bluecode, according to a report from telecompaper.

Through the investment, the company will look to expand across Europe and further the development of its services, it said.

Austria-based Bluecode is a European mobile payments solution for banks and retailers to provide them with anonymous payments. When a consumer wishes to make a payment, Bluecode generates a unique barcode known as a TAN. A TAN is displayed on a mobile screen and is valid for four minutes and will enable a direct bank transfer from the user’s bank account.

Bluecode’s TAN can be scanned at vending machines as well; however, when buying products online transactions are transmitted via Bluetooth or QR codes.

Users also earn loyalty rewards when using Bluecode, including cashback rewards at participating stores. A loyalty card for different brands and retailers can also integrate with Bluecode, with points being automatically added when transactions are completed.

Earlier in the month, fellow mobile payments company Ondot Systems closed a strategic investment from Citi Ventures. The value of the deal was not disclosed, but funds will be used to boost its international expansion efforts and provide its customers with boosted controls.

The company’s API services help to increase mobile engagement and empower customers to personalise, manage and control payments.

Through its platform, clients can manage functions such as fraud alerts, transaction limits and purchase location restrictions, through an app on a smartphone or desktop.

Copyright © 2018 FinTech Global

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