UK-based Upstream, a mobile commerce platform, announced that it has raised €25 million in growth financing from the European Investment Bank (EIB). The financing has been granted with the support of the EU budget guarantee under the European Fund for Strategic Investments (EFSI).
Through Upstream's software and infrastructure platform, 1.2 billion people are able to receive and pay for digital subscription services on their mobile devices. Upstream offers products ranging from infotainment and microinsurance, to mobile security and antivirus, cloud storage, gaming, video portals, app stores, language learning courses and award-winning mobile marketing promotions. The company already has a strong international presence, with 10 regional hubs, and employs over 330 professionals.
The EIB funding will allow Upstream to expand its global operations and to invest in R&D. The investment will also help the company to continue to improve its technology platform and its big data capabilities.
“We are proud to have been selected by the EIB for growth financing," commented Marco Veremis, CEO of Upstream, in a statement. "This is testament to our ambitious growth prospects, and the excellent work we have done on research and development, to date. We look forward to continue to invest in this important area in the years to come.”
Read more: Business Wire