British start-up develops PowaTag mobile payment app, with massive funding.
According to TC, Powa Technologies launched the mPowa application in June 2012 and now, following a massive investment of $76 million dollars by the suspected but unconfirmed investment specialist, Wellington Management, is planning the launch of a new product, PowerTag, that, as explained by Powa, can recognize any image taken on a smartphone and direct the app owner to a website that sells the product (in the image) so that he may make a purchase.
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According to CEO, Dan Wagner, the investment will go to hiring 250 staff members in the UK and another 200 in other parts of the world, to which British Prime Minister, Davin Cameron has said: “I am delighted that Powa is further contributing to that with the creation of 250 jobs to expand their growing business. E-commerce is vital to our economic success.’
Needless to say, there is great excitement and confidence around this significant news, Wagner himself has been quoted saying: “We were always dangerous to competitors, now we’re deadly.”