Planet aims to go worldwide

Planet Group, which enables consumers to make credit card payments in the currency of their choice, makes its debut on Aim, the junior stock market, tomorrow.

The New York-based company, which was founded by an Englishman, Philip Beck, in 1999, operates across the US, Europe and Asia Pacific. It is understood to be raising £7m and will be valued at about £25m.

Planet Payment, the trade name for Planet Group Inc, allows banks and retailers to process and reconcile credit card transactions in multiple currencies.

Cardholders travelling abroad can view prices and settle transactions in their home currencies when making their purchases using a Visa or MasterCard. The company's partners in the US account for over 25 per cent of total American credit card processing volumes.

Planet's service complies with the rules of the Card Association and works within the existing credit card infrastructure.

The company is exploiting several major economic trends, including the ongoing growth in credit card use, particularly in international travel and commerce.

The Asia Pacific region has become a prominent area for Planet's growth strategy. It counts Standard Chartered Bank in Hong Kong as one of its major partners, with which it is building its customer base.

It is believed that the funds raised will be focused on driving the group's expansion in the Far Eastern market, including China.