Payment technology startup ScramCard has snagged a seven-figure private investment from the Aberdeen-based Stewart Milne Group.

ScramCard’s proposition involves a single payment card that can store multiple debit and credit card details in its EMV chip. Designed with multi-factor security protection, it offers an inbuilt keypad and e-ink display that gives card users a series of unique one-time PINs and security codes with which to authorise payments both online and in-store. The company noted that the product also has an internet banking application – removing the need for account holders to carry card readers.

Based in the UK and founded by Simon Hewitt, a former chief security officer with 30 years’ industry experience, ScramCard said it is already working with partners such as MasterCard, Gemalto and Alcineo.

Hewitt added: “Secure and convenient, our solutions give payment card issuers, banks and businesses the ability to assure consumers that they can shop anywhere, without worrying about fraud or identify theft. This means cutting the cost of fraud and safeguarding against future losses, which currently pose a growing threat to profit margins and consumer satisfaction.”

The Stewart Milne Group is led by Stewart Milne, who is also chairman of Aberdeen Football Club and will now take a place on ScramCard’s board. He said: “ScramCard have developed a truly viable solution to the risks posed by insecure payment cards, while simultaneously creating something that is more desirable and convenient for consumers. It is an incredibly exciting technology with boundless opportunity, and exactly the kind of business that I look to invest in.”

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