Dublin-based Internet payment solutions provider Orbiscom has secured $17.5 million in private financing from HgCapital (formerly Mercury Private Equity). The funding was arranged by Goodbody Corporate Finance.
The three-year old company says it will use the funds to support the continued development of its controlled number technology, O-power, for securing and authenticating online payments.
According to Orbiscom, card issuers using its technology have seen an increase of up to 60% in the value of average online transactions with more than 62% of consumers who use the technology becoming repeat customers.
Through its relationships with MBNA, Discover, First Data, Allied Irish Banks, and other major US and European card issuers, Orbiscom's technology will be available to more than 500 million cardholders worldwide. The payments outfit has also signed a fifteen-year cross-licensing agreement with Microsoft.