Mobile payments company Bango has raised £11m in funding, the company said, leaving it with a post-money valuation of £60m.
The new funding will help Bango, which provides the technology app stores and carriers use to allow consumers to charge purchases directly to their phone bills, bolster confidence and strengthen its balance sheet.
The company will also invest further in research and development.
Ray Anderson, CEO of Bango, said: “I am delighted that Bango has the support of top-tier investors to pursue further growth with our leading app store partners.”
He continued: “The mobile industry is now seeing the benefits of Direct Carrier Billing, and greater demand for this method of payment comes at a time when Bango is the market leader. The funding package announced today will see great returns as we deliver further end user spend in markets around the world.”
Users spend around £60m through Bango annually. The technology provider, which works with the likes of Amazon, Samsung and Google, is particularly popular in markets with low credit card penetration.
Judges have picked Clever as the overall winner of the Money 20/20 Hackathon 2016 taking place in Las Vegas.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.