Co Galway-based AmaTech, a company that helped create the contactless payments industry, has received €850,000 in funding from Ulster Bank to enable it to expand its high-end manufacturing capabilities.

AmaTech invented the technology used in credit cards, passports and ID cards before going bust in 2002. Having successfully re-established the firm in 2007, chief executive and founder David Finn is now looking to expand its smart jewellery range which allows individuals to buy things via bracelets and watches.

Ulster Bank has financed assets for high-end manufacturing equipment in a tailored sale and leaseback agreement, which allowed AmaTech to extract capital from existing assets. The deal involved an asset valuation process, with Ulster Bank’s Lombard team coming on board to value and purchase the assets, in order to lease them back to AmaTech.