Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Powa Technologies enters administration

UK mobile commerce firm Powa Technologies has gone into administration.




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.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.