RedCloud Technology Ventures has completed an investment in a firm building a cloud platform which will offer mobile money services to the underbanked in Pakistan.

Iceni Mobile Pakistan plans to launch in Q2 2014 and already has a number of the country’s banks and a leading mobile operator on board. It would not reveal the identities of its partners.

It is promising a range of financial services that subscribers can access via their mobile handsets including “on-demand loans, payments, location-based shopping, bill payments, medical payments and small business transactions”, according to an interview with Justin Floyd (pictured), RedCloud’s Chairman and CEO, by Finance Monthly.

The investment is described as “significant” although its exact size, and the stake acquired in Iceni Mobile, has not been disclosed.

Floyd described what Iceni is doing as “finance on demand” and as an “entirely new way in which people of all backgrounds can access finance easily, securely and effectively.”

He told Mobile World Live that Iceni is “driving the concept of cloud computing to an entirely new audience” and the said the company will not charge service providers in Pakistan transaction fees for the use of its technology which, he said, would feed through to lower prices for end-users.

Competitive prices would make the services more available for the country’s underbanked users.

According to Floyd, the same team behind Iceni in Pakistan were also involved with a consultancy called Sagentia which ran the initial pilot for M-Pesa.