Mobile Payments Provider Accumulate Raises First Round


Swedish mobile payment and security solutions provider Accumulate has raised an undisclosed amount of funding from Sweden’s Sixth Swedish National Pension Fund, ArcticStartup reports. (The Sixth AP fund, as it’s also known, is a Swedish state fund for long-term risk capital, which invests in small and medium-sized growth companies.)

According to Accumulate the money will be used to further develop Flexion and Mobile Everywhere, its two technology products, as well as marketing them to new territories. Flexion, is the company’s payment platform, which enables flexible pricing (free trial, bundles, games club, for example) and control of access rights for mobile applications and games. Mobile Everywhere, its security product, permits credit card purchases and person-to-person money transfers among other functions. The company, which counts Nokia (NYSE: NOK), Sony (NYSE: SNE) Ericsson (NSDQ: ERIC), and Samsung as customers, raised a previous undisclosed round in 2008 from angel investors Carl Palmstierna and Patric Svanberg.

Comments are closed.