Fresh financing round will help MiiCard expand

Private equity investors IQ Capital, New Wave Ventures and Par Equity have pumped £1.6 million in second-round funding into Edinburgh-based software firm MiiCard, which has developed a “digital passport” for online shopping.

The funding will be used to fuel the company’s expansion in the United States and help to develop its work in financial services, online dating and social networks.

Securing the latest cash injection comes just seven months after MiiCard brought on board £550,000 in seed funding from angel syndicate Par Equity, venture capital group IQ Capital and the Scottish Investment Bank’s seed fund.

James Varga, MiiCard’s chief executive, said: “Now, more than ever, we are seeing a huge amount of activity in the marketplace around online identity and trust. With MiiCard we can create a level of trust that currently does not exist online, and dramatically change the way we transact on the internet.

“We’re delighted to have New Wave Ventures on board to help drive our business. Along with our existing investors and board members, we have a fantastic team and a unique opportunity to change the way we interact online.”

The company’s non-executive directors include Stephen Brannan, a former group technology director at Royal Bank of Scotland, and David Ball, a former board member at Tesco Bank. Its advisers include Jeremy Fraser, recently appointed as legal and compliance director at ING Direct, and Ian Pearson, a former economic secretary to the Treasury.

PETER RANSCOMBE