Millions Invested to Take Mobile Payment Solution Global (2)
The Estonian Development Fund and co-investor Bellus will invest 1.5 million euros into the mobile payment solution developer NOW! Innovations.
The platform developed by NOW! is a standard solution for paying fees such as parking and highway tolls to paying for drinks at the corner cafe or on public transport. It has been successfully used in four countries: US (Montgomery County, Maryland), Belgium, Macedonia and Ukraine.
Development Fund investments director Heidi Kakko says that unlike in Estonia and a few other European countries such as Belgium, mobile parking market is only now seeing growth.
"But with the spread of smartphones, demand is quickly growing," said Kakko. "Certainly the significant market share will be divided up in the next five years, and the lion's share will be gained by companies who are able to offer full-service type solutions.
She estimates the mobile parking market in Europe and the US as being worth a combined 50 million euros.