GFG Group raises $10 Million in shareholder funding for mobile, banking solutions

GFG Group raises $10 Million in shareholder funding for mobile, banking solutions

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Tags: Asia, Australia & Pacific, Other, Software, Transaction Processing
4/21/09

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AUCKLAND, New Zealand — The GFG Group has completed its latest round of capital funding, bringing the total amount of money raised by the group to $10 million.

According to a news release, two venture capital funds, TMT Ventures and Endeavour Capital, are the new contributors.

"Our business plans reflect the rapid changes in the operating environment since September, and with the support of our current shareholders we remain debt free and have continued to grow our sales by 15 percent since March 31st, 2009," said Grant Halverson, The GFG Group's chief executive. The company's key achievements in 2008 included:

Becoming one of the largest players in mobile payments in emerging markets, with more than 115 million consumers now able to access GFG's payment solutions.
Achieving a balanced strategy of focussing on 15 key target markets that will deliver year-on-year revenue growth of 15 percent.
Adding four new card management institutions in Europe, IndoChina and the Philippines with PayFair Europe, a multicountry network.
Releasing two new payment platforms — Simfonie for mobile payments and Cadencie for card management based on Java. The successful use of modern computer languages such as Java, combined with extensive payments experience, delivers significant cost savings to clients in the current environment.
Achieving high levels of growth in the UAE and Philippines.

"Our key value proposition is delivering payment solutions to our clients that achieve banking standard performance, whilst using modern languages that enable cost efficiencies to be achieved. Our decision to focus on Asia, the Middle East and Australasia some 18 months ago now seems in hindsight like a strategic â€˜masterstroke,' given how other developed economies are performing," Halverson said. "We expect to continue to improve our performance in 2009-2010."