mPay suspends its debut on the New Connect

30-07-2008, 10:36

Warsaw (Puls Biznesu) – The company offering mobile payments, won’t be listed on the alternative market but still plans to launch many new services in September.

mPay conducted an issue worth PLN 16m (EUR 4.9m) offered to several dozens investors. For the last several weeks, the company has been shifting the deadline and eventually has suspended the issue.

“We’ve suspended the debut on the New Connect. Awful situation on the Polish capital markets was no help while raising funds. Besides, one of investors said it was interested in the whole issue but outside the stock exchange”, Henryk Kulakowski, mPay CEO and founder said.

Due diligence must be held at the company. Talks will last at least three months. If they fail, the listing is still possible provided that the market situation improves.

Before, mPay would say that funds raised in the issue were necessary to launch new services in September. Now, mPay CEO, says that despite the delay the plans will be implemented.

“Me and our strategic investor ATM will provide necessary financing. The issue and the debut on the New Connect were supposed to provide funds for marketing in 2-3 years of operations”, Henryk Kulakowski said.

After holidays, mPay wants to offer mobile payments to the clients of all mobile operators. Today, it cooperates with Polkomtel and Play only. Era and Orange want to develop their own systems of mobile payments but mPay will offer its services to their clients directly.

“First banking products will be launched in September. There will be no delay”, Henryk Kulakowski assured.

mPay wants to offer its services in 4-5 cities this year. Payments in city buses and trams will also be launched this year.

(PLN 1 = EUR 309)

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Podpis: MAG


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