Investors in billing provider MGt have agreed to a further funding round of £5 million (€5.76m). The new investment, supported by the Rothschild Investment Trust and Lord Weinstock’s estate, will be used to support the commercial expansion of the PayWizard system.
“The funding round agreed with our existing investors provides us with a springboard for growth and expansion,” said Ronnie Millar, deputy chairman of MGt. “We aim to increase PayWizard’s reach across multiple business verticals to enable merchants from a wide range of sectors to take advantage of PayWizard’s unique capabilities. At the same time, our strategic push into yet more territories will further establish PayWizard as a truly global payment solution.”
MGt has been positioning PayWizard as a universal payment scheme for content providers looking to develop online services. It is also looking to extend its business into new market sectors including gaming, travel and online retail. The company made its name in the provision of subscriber management services to third party channels.
