Reubens mobile move

23 December 2007 - The Sunday Times

THE billionaire Reuben brothers are aiming to grab a slice of the fast-growing global mobile-payment market, which experts believe could be worth $22 billion (£11 billion) by 2011.

David and Simon Reuben have emerged as the key financial backers behind mobile-payments operator LUUP, which was set up in Norway in 2002.

It is understood the Reubens have a substantial minority stake in the company, thought to be more than 20% of the business.

Together with other private investors they have provided a credit line of up to £50m to expand the business which operates in the UK, Germany, China and the Middle East.

The investment opportunity has been led by David Reuben, a self-avowed technology addict.

Research group Juniper forecasts the mobile-payment market will balloon from $2 billion in 2007 to $22 billion by 2011.

It is already possible to pay for parking tickets in London or fizzy drinks in South Korea using a mobile phone, and advocates believe the service could revolutionise the way all manner of goods and services are bought.