SpareBank 1 acquires mCash, renames it Auka

SpareBank 1, a Norwegian bank, announced that it has acquired mobile payments provider mCash for an undisclosed sum.

mCash was backed by Northzone and Entree Capital, which funded the company with €5.15 million at the beginning of 2014.

mCash, founded in 2006 and is led by CEO Daniel Döderlein, lets users make in-store payments via QR codes, transfer funds and make online payments. It has more than 100,000 users and has signed up 600 stores.

Jan-Frode Janson, chairman SpareBank 1:

“With this acquisition, we strengthen our mobile efforts and are well positioned to meet future digital customer needs”