Cellum Global injected with HUF 400m for international expansion in largest deal of this kind in CEE

Cellum Global, a part of the Cellum Group, leader of mobile payments solutions in the Hungarian market, will receive HUF 400m (€1.5m) from PortfoLion, a venture fund, as a capital injection supporting the expansion into a foreign market. PortfoLion was selected from three investment funds that submitted their bids in the tender, which had been announced by Cellum for the provision of funds for its international expansion. The agreement between Cellum Global and the chosen fund, signed on 1 September 2011, includes a conditional option for a similar investment to be made in 2012. It has so far been the largest investment in the mobile payments sector in Central Europe.

It has not yet been revealed which and how many national markets Cellum is going to enter. The company is in the advanced-stage of the negotiating process with potential partners from Austria, Russia, Romania, Georgia, Albania and Bulgaria.

Cellum runs mobile services for all three major players in the Hungarian telecom market: T-Mobile, Telenor and Vodafone. As a technology provider, Cellum also operates m-payments system for parking services in 30 Hungarian cities, as well as a highway fare mobile payment solution.

Other investments of PortfoLion in the Hungarian technology companies were described in the story "PortfoLion invests €3.9m in local tech companies".