Electronics manufacturer Samsung spent approximately $250m on its acquisition of US-based mobile wallet technology producer LoopPay in February 2015, Re/code reported on Wednesday citing multiple sources.
LoopPay had been backed by investors including payment services provider Visa and Synchrony Financial, a personal finance subsidiary of conglomerate General Electric.
The acquisition price could increase further, dependent on earnouts linked to company and executive performance, though details have not been disclosed.
LoopPay’s technology enabled shoppers to use a fob or smartphone case that would hold details found on debit or credit card details so it can be used to pay for goods and services.
Since the acquisition, the contactless technology has been integrated into Samsung’s latest flagship phone, the Samsung Galaxy 6, so users can pay for items using their phone instead of cards or a secondary piece of hardware.
Visa invested an undisclosed amount in LoopPay in July 2014, following an earlier undisclosed round provided by Synchrony Financial. LoopPay secured $10m in angel funding in 2013.
Samsung revealed at the time of the acquisition announcement that it had also invested an undisclosed amount in LoopPay through its Global Innovation Centre unit. LoopPay’s co-founders have joined Samsung’s Mobile Division, where they are continuing to develop the technology.