Brightly Ventures, Collector Bank and former Apple manager, Erik Stannow also participated in the latest round, bringing total funding to date to £12.3 million. Former Apple manager Stannow, who worked at Apple for 17 years, joins the firm as executive chairman.

Launched in 2017, the Kaching Retail mobile POS terminal is currently used by Ikea and Apple Premium resellers.

Swedbank plans to use its investment to beef up its mobile payments offerings under the Swedbank Pay product brand, which currently provides services to 100,000 retail customers in the Nordic and Baltic countries.

"There is a high demand for innovative, flexible and smart cash solutions, from both retailers and consumers," says Linus Singelman, head of group commerce at Swedbank and Swedbank Pay. "Through the investment and cooperation with KACHING Retail, we can further work to drive the development forward so that mobile solutions for payments can become even more flexible and efficient for both our customers and consumers."