Ixaris closes £3.5 million equity financing round

Ixaris Systems Ltd, a UK company with a radically new approach to online payment, has just raised £3.5 million of equity financing in a third round of funding led by Foresight Venture Partners, managers of the UK's best performing venture capital trusts.

Ixaris addresses the needs of consumers who cannot or prefer not, whether for reasons of privacy or financial risk, to pay online by credit card, and enables them to pay with ease and peace of mind at almost any Internet merchant.

The challenge for entrants into the payment market is to set up a network of millions of consumers and thousands of merchants without spending huge amounts on marketing. Ixaris has found a way to do so through customer referral deals with leaders in sectors such as online gaming, pre-paid cards and international money transfer.

Ixaris acknowledges the competitive advantage it enjoys thanks to its Maltese subsidiary Ixaris Systems (Malta) Ltd, which it set up in March 2003. Ixaris' Maltese subsidiary has grown steadily and now employs 16 software and computer engineers engaged in research and development as well as operations, and expects the company to expand significantly over the next few months.

For Ixaris CEO Dr Alex Mifsud, the investment ushers a new phase of growth for the company:

"The funds raised will enable Ixaris to grow faster into an international payments player, and the association of top-performing investors such as Foresight Venture Partners and earlier investor Oxford Technology VCTs gives Ixaris additional credibility with potential consumers, partners and future investors."