St George pumps $2.5m into Ctel

E-commerce developer Ctel Technologies has scored a $2.5 million capital injection from St George Bank as it attempts to take its business to the world.

Adelaide-based Ctel secured the investment after five years in the marketplace developing online and telephony payment systems, said CEO Allan Scott. St George now has a 12 per cent stake in Ctel.

Scott said the bank would take an "active role" in Ctel's operations, assisting it with bringing its products to market.

Ctel has small data centres in Brisbane, Melbourne and Sydney that manage its interactive voice response (IVR) transactions, Scott said.

St George was a Ctel customer prior to making the investment.