The founder of a Dublin startup that has raised $500 million in a US venture capital fund has said that it will use the money to help it expand into the US market.
“We have secured a US loan,” said Michael O’Neill.
“I believe that the funding we have received will allow us to scale up further and to offer more services in the US.”
O’Neill is part of the company, a mobile payment service called Zu.
It has been working with the US Department of Commerce and has also applied to the Securities and Exchange Commission to be listed on the NYSE.
The company has launched its mobile payment app in the UK last year.
In addition to mobile payments, Zu allows users to pay with an Apple Watch, and is being trialled in Australia and New Zealand.
O’Neil told RTE that he has secured a $500,000 loan from the US venture fund New Venture Capital, which he described as the largest US loan he has ever received.
“It is the largest loan that I have ever received from any investor,” he said.
“This is huge, it’s the largest of any investor that I’ve ever had and it’s going to allow us a little bit of growth.”
Oddly, it was the same loan that was used to buy up the firm’s Irish business.
The money was used for building out Zu’s international network and helping it expand, he said, adding that the company is also in talks to open offices in the United States and other countries.
“The main objective of our business is to provide customers with a better experience when they buy from us,” he explained.
“When you buy something from us, we give you the best price.”
If you’re not satisfied with the price, we will work with you to get a better price.
“If you don’t get a good price, then we will do our best to resolve it for you.”
Zu has already secured funding from several other US VC firms, including the Founders Fund and Founders Fund Management.
In a statement, Founders Fund said it was “honoured to have received” O’Neil’s loan.
“While the funds raised by Zu are used to help us expand and further develop the company’s business and services, they also fund our strategic expansion plans,” the company said.
“We look forward to further partnering with the Zu team in the future.”