ADVERTISEMENT

PortfoLion to buy into Cellum

Deals

PortfoLion Venture Capital Fund Management is to invest HUF 400 million (€1.5 million) in Cellum Global Zrt, member of the Cellum Group, the Hungarian market leader in mobile payment solutions, according to the company's press release.

Financial resources required for the transaction are provided by the European Union  Joint European Resources for Micro to Medium Enterprises Initiative venture capital fund.

The agreement on the largest venture investment so far in the region’s mobile payment sector was signed on  September 1, 2011, the press release continues. The technology developed by Cellum is marketable in foreign markets, and therefore the investment is a strategic move expected to be highly profitable for PortfoLion, a member of OTP Group. The capital increase is to support the international expansion of Cellum. Subject to the fulfillment of certain terms and conditions under this agreement, the transaction may be followed by a similar capital injection next year

In the first semester of the year, the shareholders invited several leading Hungarian and foreign investment funds to bid for funding the international expansion of secure mobile payment solutions provider Cellum. PortfoLion was selected from among three bidders.

ADVERTISEMENT

IMF raises Hungary 2021 GDP growth forecast to 7.6% Analysis

IMF raises Hungary 2021 GDP growth forecast to 7.6%

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.