Mi-Pay, a UK-based mobile money company, has
appointed Danish telecommunications expert Allan Jakobsen as its
new CEO.
Jakobsen has been appointed to introduce the
company’s top-up services to more blue chip telco clients and ready
the company for sale in a mobile payments market that looks likely
to consolidate. He replaces the company’s founder and CEO Norman
Frankel, who will continue as part of the executive team as chief
business development officer and retains a stake in the
business.
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Mi-Pay was boosted earlier this year with a
£3m investment from Octopus Ventures to speed up its development.
While securing the investment, Frankel said Mi-Pay discovered
investors were looking at merging mobile money companies to profit
from the industry, which is expected to hit $264.8bn in payments
volume by 2015.
“What Allan has done is bring in experience
with regard to mobile operators, and also the experience of taking
a company to a trade sale, which he did at MACH,” Frankel told
Cards International.
Jakobsen was president and CEO of MACH,
Denmark’s largest telco data and clearing house, which was sold by
private equity owners in 2005. He was also an executive at
Denmark-based telco TDC.
Mi-Pay offers a range of outsourced mobile
payments and banking services to companies including Tesco Mobile,
The Carphone Warehouse, Vodafone, UAE telco network Du and Middle
Eastern telco Zain.
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By GlobalData
