UK payments firm DataCash has invested around $7 million in Smart Voucher, a digital money outfit that provides pre-paid coupons that can be redeemed for online products and services.
DataCash is investing approximately $7.08 million in London-based Smart Voucher through a three year instrument which, when converted, would give it around 16.66% stake in the firm.
Gold Label Investments, a subsidiary of South Africa's Blue Label Telecoms, has also agreed to buy a 17.25% stake in Smart Voucher.
Operating under the Ukash brand, Smart Voucher has an established presence in Europe, with clients including bookmakers William Hill and eBay subsidiary Skype.
Smart Voucher has a footprint in the UK and Western Europe and, through its link with Blue Label Telecoms and the additional capital being invested, intends to expand into the developing economies of Africa, India and Central America. These regions have populations that are technologically sophisticated but are often unbanked, says DataCash.
Ashley Head, executive chairman of DataCash, is a non-executive director of Smart Voucher.