International law firm Taylor Wessing has advised Powa Technologies Limited on a private placement of shares to raise an aggregate amount of approximately $76 million US dollars. The transaction represents one of the largest investments in an early stage UK technology company in recent years.

Powa Technologies Limited, which was set up by London based tech entrepreneur Dan Wagner in 2007 and only began trading two years ago, creates technology allowing consumers and businesses to make transactions through mobile devices. Its PowaPIN device allows credit and debit card payments to be taken on the go through a mobile phone app for iPhone, iPad, Android, Windows or Blackberry devices, and a card reader.

The investment by an unnamed investor was for a stake of less than 25% in the company in exchange for its $76 million investment. The investment, which has been endorsed by David Cameron, will allow the company to hire up to 250 more employees in the UK and 200 more employees elsewhere in the world.

Robert Fenner, partner in the Private Equity group at Taylor Wessing, commented: “The Powa deal is one of the largest early stage investments in a UK technology company in recent years.  This is a ground breaking company leading the way in payment and transaction technology on a global basis and we are delighted to have acted on this deal."

Dan Wagner, of Powa Technologies, added, “This investment is special in many ways but particularly significant in that I believe it is the first where a US institution has supported a British company with ambitions to dominate a huge and disruptive market worldwide.”

The lead partner on this deal was Robert Fenner, with assistance from Edward Waldron, Brian McCloskey, Jonny Bethell and Michelle Lew in the private equity team.  Tax advice was provided by Neil McKnight.  Kathleen Fox Murray advised on patents. Greenberg Traurig were the legal advisers for the investor