London travel FinTech firm secures £11m
A London-based FinTech firm which provides solutions for airlines and travel companies has secured £11m in its lastest financing round.
CellPoint Mobile secured the funding in a round provided by Toscafund Asset Management LLP and managed by Penta Capital, the private equity arm of Toscafund.
Established in 2007, the firm is a native mobile company which first launched a mobile solution for Danish Rail before expanding into the airline market, attracting Emirates as its first client.
The company now has 130 employees located across 7 offices and serves over 30 clients globally. It has offices in London, Chicago, Copenhagen, Dubai, Miami, Pune, and Singapore.
It partners with ApplePay, Visa Checkout, Amex Express Checkout and PayPal.
"The new investment will enable us to further scale our team globally as well as drive additional innovation into our unique platform, especially in the area of intelligent analytics," said Kristian Gjerding, CEO and co-founder of CellPoint Mobile.
The financing follows a strong period of expansion for the firm over the past 12 months, as it secured brands including Southwest Airlines, GOL, Viva Air, Ethiopian Airlines and Chiltern Railways.
"We are very excited to finance CellPoint Mobile's next phase of expansion," commented Steven Scott, Partner at Penta Capital.
"CellPoint Mobile is solving the most critical problem that travel companies face today: the optimization of their entire path to purchase across all their digital channels.
“We see a unique growth opportunity and look forward to working together with the company's experienced management team to support this new phase of development."
CellPoint Mobile offers an integrated digital platform that enables travel merchants to increase sales conversions and offer a smooth customer experience.
"CellPoint Mobile has an exciting expansion plan and we are delighted to partner with Penta Capital to accelerate our company's development," added Paul Glover, CFO of CellPoint Mobile.
"Penta Capital and Toscafund have a solid track record of investing in high-growth companies and their commitment is testament of not only our market traction to date, but also our growth potential by delivering high ROI digital solutions to travel companies."