Mobile Payment Group Cellum Secures Investment to Grow

Hungarian mobile payment company Cellum Group has received €1.5m in investment to support its international expansion.

The deal is funded by venture capitalist PortfoLion, which will invest in the newly created Cellum Global, in partnership with European Union venture capital fund the Joint European Resources for Micro to Medium Enterprises fund (JEREMIE). PortfoLion provides a cash injection in return for the international license for Cellum Group's mobile payment technology. 

Cellum develops new technologies in the fields of mobile trade and payment, and its products include mobile macro and micro payment and NFC services. The company describes the deal as the largest venture investment so far in the region’s mobile payment sector. 

“Cellum started international expansion last year, and is in the midst of advanced-stage negotiations with potential Austrian, Russian, Romanian, Georgian, Albanian and Bulgarian partners,” says János KÓKA, CEO at Cellum Global. “The fresh capital will help strengthen the international presence of the company and become, within three years, the dominant mobile payment solutions provider in Central Eastern Europe.”