NETeller Invests In Australian Payment Provider

Published on: August 17, 2007 

So the money transferring facilitator NETeller is in the headlines again, only this time it's a positive story.  After months of dealing with legal battles and now that their US clients have finally been repaid all the money owed to them, NETeller is free to move on and continue business as usual.  

And move on is exactly what they've been up to.  It was announced yesterday that NETeller has purchased a minority stake in the Australian company Centricom Pty Limited, a Melbourne based company that also provides a number of web-based transaction services. They also operate POLi, a payment platform that NETeller recently introduced to their Aussie market back in January.

The AUD $5 million investment from NETeller will not only allow them to gain a larger piece of the expanding Asia Pacific region, which includes Australia and New Zealand, but with NETeller's expertise in the online payment solution market, the partnership and the investment will also be used to strengthen the position of POLi in these areas.  POLi gives players the ability to make transfers form their current internet banking service without having to reveal any of their credit card or bank details.  

"We welcome the investment from NETeller as a milestone in our development which will enable us to roll out the POLi service to more merchants and build further consumer brand awareness. This partnership is further evidence that Centricom is serious about being the major provider of online payments in Australia, New Zealand and beyond." Stated Centricom’s managing director Simon Warner.  

One of the key points of the investment is that NETeller, who currently trades on the London Stock Exchange and has customers in over 160 countries throughout the world, will appoint one director to the Centricom board.  

"We are pleased to cement our existing relationship with Centricom through this investment. We look forward to working with Centricom to drive the business through its next phase of growth. NETELLER will continue to seek out strategic relationships with companies such as Centricom who offer compelling products and services that enhance our innovative online payment solutions to our global customers and merchants." exclaimed, Ron Martin, NETeller President and CEO

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