Oxford spins-out mobile payment app developer OxCept with backing from US and UK militaries.

Oxford University has spun-out OxCept, a mobile payments app developer, with over £1m ($1.61m) in funding from both the UK and US’ militaries.

The developer’s main product, also called OxCept, utilises military-level cryptography tested by the UK’s Ministry of Defence.

The app uses technology developed at the University for five years, and has been peer reviewed by other institutions. It will be available for free within six months for iOS, Android, and Windows Phone, with profits raised via a $.0.05 charge on each transaction.

Perry Anderson, chief executive of OxCept, said that the app will provide a “new way of securing financial transactions, that will fundamentally change the mobile payment sector.”

He added: “Given the size of the mobile payment market and its accelerating growth rate, I feel this to be a very timely and relevant security solution.”