Semafone Nets Nearly $8 Million for North American Expansion
Oct. 6, 2014
Semafone, a U.K.-based company that provides a PCI-compliant payment solution for call centers, has secured £5 million ($7.97 million) to expand its service in an environment beset by highly publicized security breaches. Semafone’s technology enables merchants to accept payments over the phone without card details ever entering the call center environment. The company said its solution can cut PCI DSS compliance costs for merchants and call-center operators up to 80 percent. The new funding comes from two separate raises led by Business Growth Fund and Octopus Investments, respectively. Semafone will use the funds to continue its expansion plans in North America.
“This new investment should allow Tim Critchley and the team at Semafone to accelerate development to take advantage of the substantial opportunities that exist for the Semafone payment platform globally and build on its growing presence in the North American market,” said Simon Andrews, Octopus non-executive director at Semafone. “Octopus was the first institutional investor into Semafone and we are pleased to continue supporting the business in this investment round.”