Mobile payment encryption solutions provider, Omlis, announced that it has secured over $31 million in the first 12 months of trading.

The mobile security start-up has also identified growth and client opportunities in South America, and across Europe, Middle East and Africa.

Omlis solutions allow businesses the opportunity to deliver convenient and secure mobile payment transactions, says the company.

In a statement Markus Milsted, founder and CEO of Omlis said, "It's hard to believe that the company has expanded so quickly."

"Our CCO, John Stuart, previously shaped the commercial strategies for world-class organisations including S1 and Verifone securing orders in excess of $350million in competitive global markets. The Omlis team is growing and the talent is immense," he added.

Juniper research forecasts 450 million mobile payment users by 2017.

However, the 2014 McAfee threat report showed that the number of mobile malware attacks grew by 167% across 2013.

"The mobile payments market presents an immense opportunity for businesses to implement new ways to pay," said Stuart Macdonald, managing director of Omlis partner Seric Systems.

"Omlis combats the failings present in current security encryption methods, which are by comparison inherently vulnerable, as highlighted regularly in the media," Macdonald stated.