MEE has created a mobile payment system, which they have tested in numerous shops in Randers, Denmark, throughout the last six months. With a growth loan from Vækstfonden, a Danish state investment fund, behind them, is MEE ready to conquer the rest of Denmark. MEE is ready to challenge the other mobile payment solutions, which have gained momentum over the past few years.
The Danish mobile payment system consists of the MEEwallet, which is an app for consumers and the MEEegg, which is a payment terminal for the shops. The MEEegg and the MEEwallet can connect, to create an easy-to-use mobile payment system, which can be operated with just one click.
MEE has gone beyond the specific products, which are related to mobile payment and created MEEdkk, a special crowdfunding site. MEEdkk allows users of MEE to put money into MEEdkk in exchange for joint ownership of the company. This model was one of the things that caught Vækstfonden’s interest, when MEE applied for a growth loan.
Crowdfunding through their own site
The startup initially decided to offer seven percent of the company in crowdfunding, through the MEEdkk site, where interested parties can purchase a part of the company, depending on how much they want to invest.
MEE managed to raise around $73,000 through MEEdkk, and hope to get consumers, businesses and representatives from the financial sector into the company as co-owners.
This way of funding was a key factor in Vækstfonden’s assessment of the possibility of awarding a loan to MEE. Vækstfonden thought that the model was interesting, since it gives the shops the possibility of becoming co-owner of the payment system, which they are using themselves.
MEE has received a so-called growth loan for entrepreneurs. It is a special type of loan offered by Vækstfonden, which is given to high-risk businesses that often do not have the opportunity to receive normal bank loans.
The growth loan exceeds a quarter million dollars and can therefore make a significant difference to the development of MEE’s products. Kim Vindberg-Larsen, CEO of MEE, explains that it has been an exciting process for the company, and the new loan will help mature the company for its next growth phase.
The growth loan is going to be used to establish the business, further the development of the product as well as help promote the mobile payment solution in Denmark. Søren Grønbæk Nielsen, Corporate Account manager for Vækstfonden, states that MEE’s product has the potential to go far beyond the Danish borders:
“MEEwallet is an exciting and innovative startup that thinks globally, with the potential to become a major player on the international market for mobile payment solutions. The people behind the startup are extremely competent as well as experienced, and Vækstfonden look forward to following their development in the coming years.”