The £11M equity funding round is provided by Toscafund Asset Management LLP, the global financials investor
LONDON, June 5, 2019 /PRNewswire/ -- CellPoint Mobile, a leading provider of digital commerce and payment solutions for airlines and travel companies across the globe, today announced a £11m equity financing round provided by Toscafund Asset Management LLP and managed by Penta Capital, the private equity arm of Toscafund.
The financing follows a strong period of expansion for CellPoint Mobile over the past 12 months, during which time numerous new travel brands were added to its customer base. These include Southwest Airlines, GOL, Viva Air, and Ethiopian Airlines.
"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 optimize the full customer sales cycle (Promotion, Sell, Pay and Serve), increase sales conversions and offer a seamless customer experience across all digital channels. Travel merchants can also implement CellPoint Mobile's unique payment platform to control and optimize their payment strategy. The payment platform provides access to a proprietary payment eco-system and enables fast implementation of alternative payment methods, global or local card schemes, and multiple acquirers.
"We continue to experience a very strong demand from travel companies that want to optimize their digital payment and commerce solutions, to counter the tremendous challenges they face with their existing providers to deliver quickly and cost-efficiently," said Kristian Gjerding, CEO and co-founder of CellPoint Mobile. "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."
Established in 2007, CellPoint Mobile is a native mobile company that started by successfully launching a mobile solution for Danish Rail and then expanded rapidly into the airline market, with Emirates as its first airline client. The company now has 130 employees located across 7 offices and serves over 30 clients globally.
"CellPoint Mobile has an exciting expansion plan and we are delighted to partner with Penta Capital to accelerate our company's development," said 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."
About CellPoint Mobile: We Make Travel Easier™ for airlines, travel companies and their customers. CellPoint Mobile provides airlines, ground and sea transportation providers, and hospitality firms across the globe with flexible and efficient digital commerce and payment solutions to optimize the entire sales cycle. Both a fintech and a travel tech, CellPoint Mobile was born with a mobile-first culture, offers omni-channel solutions and focuses on boosting travel merchant's digital transactions. CellPoint Mobile product portfolio includes Velocity (Digital Payment) Voyage (Digital commerce), Vantage (Digital Promotion) and Vision (Digital Intelligence). CellPoint Mobile has locations in Miami, London, Chicago, Copenhagen, Dubai, Pune and Singapore. Visit www.cellpointmobile.com to learn more.
About Penta Capital Penta Capital is a private equity fund management business, specializing in investment opportunities in the UK mid-market. Since its launch in 1999 it has invested equity ranging from £5 million to £200 million in a wide range of industries and sectors.
About Toscafund Asset Management LLP Toscafund Asset Management LLP, founded in 2000 by Martin Hughes, is a multi-asset fund management firm with approximately $4bn of assets under management. Toscafund's highly experienced portfolio managers focus on delivering absolute returns for a broad range of global institutional investors, private family offices, investment intermediaries and high net worth individuals. Toscafund is based in London with offices also in Manchester and Greenwich, Connecticut.