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Powa Technologies enters administration

UK mobile commerce firm Powa Technologies has gone into administration.

PowaTag

PowaTag

PowaTag

Two of the three companies in the Powa group, Powa Technologies Ltd and Powa Technologies Group plc, appointed Robert James Harding and Nicholas Guy Edwards from Deloitte as joint administrators on February 22 and February 19, respectively.Ltd

It is not clear whether Powa Technologies (UK) Limited is affected.

Powa Technologies was founded in 2007 by ecommerce entrepreneur Dan Wagner and its head office is at Heron Tower in the City of London. It offers cloud-based ecommerce platform PowaWeb, mobile and tablet-based point-of-sale system PowaPOS and PowaTag, a mobile payment system that uses visual search.

It attracted $246m (£176m) in three funding rounds since its launch and acquired Hong Kong-based mobile payment firm MPayMe, in 2014.

Administrators have warned Powa’s former workers not to pass intellectual property to its former management, according to a letter seen by the Financial Times.

The firm had 311 employees when it entered administration and almost all of its UK head office, around 74 people, were made redundant last week, the newspaper reported.

Drapers has contacted Powa Technologies and Deloitte for comment.

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