With mobile transactions already accounting for 14 per cent of all worldwide purchases, he saw the need for an agile, scalable and secure payment infrastructure.
Paythru is focused at merchants with the specific objective of supporting consumer behaviour on the mobile. Paythru believes the offline channel (ie, point-of sale) activity will move to the digital, mobile channel.
Paythru stores payment details on merchants behalf so they can offer a “one click” payment experience. The goal is to make the mobile handset the transaction and payment device of choice.
Already live in the UK, Europe and Turkey, and with significant traction in South Africa, Paythru is looking to rapidly grow in the EMEA region before moving to the US and Asia.
The firm has some pukka clients such as Groupon and Jamies Italian; partners such as First Data. Funded initially by 11 angel investors, Paythru has now raised more than 5m to invest in technology. Mobile payments is a hyper-competitive space, but this looks a very serious player.