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.