Ensygnia, a Reading, UK-based patented mobile payment solutions provider, raised £500k in a Series A bridging round of funding.
Gate Ventures Plc has led the round taking an 8.54% stake with participation from US FinTech Accelerator and venture fund SixThirty. In conjunction with the funding, Richard Carter, Chief Financial Officer of Gate Ventures, joined Ensygnia as Non-Executive Director.
Led by Richard H Harris, Chief Executive Officer, and Matt P Deacon, Chief Technology Officer, Ensygnia specializes in identity management, mobile payments, and cybersecurity. Its primary product Onescan, launched in March 2014, is a cloud-based (SaaS) secure transaction platform with a stand-alone mobile application that can be downloaded by consumers, or be incorporated into retailers existing mobile applications. The solution authenticates each transaction through a customer PIN and an encrypted and verifiable QR code (2D barcode) generated and distributed by the platform on individual merchants’ websites, which could be scanned by individual app users through their mobile camera lens. Customers include Visa Europe, PlayJam, O2, Waitrose, and BBC Worldwide.
As part of the investment, the two companies also set up a Joint Venture in China to facilitate Onescan’s expansion in the country.