British mobile payments software provider Powa Technologies has secured a $20.7 million (£12.6 million) cash injection to grow its retail technology solutions.

The money from Wellington Management adds to previous rounds of funding and takes the total invested in the business to almost $100 million.

Founder Dan Wagner said the amount broke UK records for Series A investment in a UK technology company.

He added: “Today’s incremental investment recognises our emerging global leadership position and represents the increased interest in our stock brought about by the imminent launch of our ground-breaking and transformative retail technology.”

The business’ main product is PowaTag, which facilitates speeding purchasing of goods via smartphones.

Mr Wagner says it will be the UK’s first “true internet sensation”.