The company, founded in 2012, has created VCode, a scannable code technology which is being used to verify online transactions.
As a result of the expansion, the technology will be used to fight counterfeit items in Hong Kong and China, counteract conflict minerals in Africa and provide a virtual wallet for ‘secure’ payments across mainland Europe from Armenia.
VST Enterprises’ CEO, Louis-James Davis, said:
“In the past year, we have aligned our business model to support international growth. We are working together with corporations and governments to tackle some of the most pressing universal issues they face.
“We want to combat the counterfeit trade where it’s at its worst, reduce unethical and unsustainable production practices and increase financial inclusion globally. These will be key locations to dispatch VCode and achieve these goals.”
The firm, which closed a £11.4m round at a £220m valuation in May, says it will hire up to 100 new people to manage operations on the ground in each territory.
Private investors including serial entrepreneur Chris Lightbody and director at KPMG Guy Weaver invested in the round.
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