London-based tech start-up Powa has been valued at $2.7bn (£1.6bn) after it acquired Hong-Kong rival MPayMe.
According to the Daily Telegraph, Powa has paid $75m for the company, equivalent to 3% of Powa’s stock.
Founded by Dan Wagner in 2001, Powa was valued at under $500m in its funding round last year.
In a statement, Wagner said: “With this combination of two innovative technology companies we will establish a position as the leading force in digital commerce worldwide.
“The integration of ZNAP™ technology with PowaTag will bring a phenomenal new scope to our provision, as well bringing enhanced functionality to its existing applications. By incorporating digital catalogues, coupons/vouchers, loyalty integration, and access control, and much wider product set, we are enabling true commercial freedom for both merchants and consumers.”