A Derby company which has developed a new payment system for the video games industry has secured a further £200,000 investment from the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the D2N2-backed Midlands Engine Investment Fund (MEIF).
Transaction Technologies’ new platform will target the multi-billion-dollar market for in-game downloads.
PlayerLands allows players to buy virtual goods within games and is one of the few systems that will accept payments in real money rather than cryptocurrencies.
The platform provides a secure payment system that makes it easy to buy and sell virtual products online and for developers to set up their own stores, market their goods and manage their businesses.
The latest funding round will allow the firm to finalise and launch its platform, while creating four new jobs in Derby for developers and customer service staff.
Having secured an initial £200,000 investment from MEIF to build the platform, Transaction Technologies’ founders – serial entrepreneurs Alex Booth and Nick Gillett – now successfully integrated it with the leading payment systems and are in discussions with a number of games developers.
“The games business, and especially the highly social world of server-based games, have been growing rapidly for years,” said Mr Gillet.
“We make it easy for developers and server owners to monetise their services, leaving them to concentrate on making the best entertainment.”
Sandy Reid, investment director at Mercia, added: “Online gaming is an exciting sector that has grown significantly during the global lockdown.
“Transaction Technologies is filling a gap in the market for a secure and professional payment system.”
“We are pleased to further support the business with this latest investment which will allow it to launch PlayerLands and to capitalise on the favourable market conditions.”