London-based Powa valued at £1.6bn

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.”

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He floated his first company for £120m, aged 31. Now Powa CEO Dan Wagner says the UK doesn’t get tech