Irish mobile top-up service Ding has agreed to sell a majority stake to private equity firm Pollen Street Capital.

It is understood from market sources that the deal is worth in excess of $300m, although the terms were not disclosed.

Originally, the company - which was founded in 2006 - facilitated the transfer of credit to other people's phones.

However, as the industry has evolved, the range of services it offers has grown.

"Sixteen years ago, we set out with a mission to solve a real problem, to simplify how people separated from their loved ones could stay connected to those back home," Mark Roden, founder and chief executive of Ding explained.

"At that time, the process was cumbersome and inefficient and today through Ding's platform we have transformed how people stay connected," he said.

Ding has grown to be a global leader in international top-up and credit transfers, offering customers the ability to top-up online and in over 600,000 retail stores all over the World.

The company serves millions of customers around the world who have sent almost a half a billion tops-ups since it was established.

"With 6 billion prepaid phones in the world and an ever-increasing demand for mobile data there is a significant market opportunity to offer more products and services to current and future customers," Mr Pollen added.

"Ding exemplifies Pollen Street's investment strategy of identifying market leading technology businesses, whose propositions can be enhanced through further investment into technology and an increasing use of data," Ian Gascoigne, Partner at Pollen Street said of the deal.

The transaction is expected to complete later this month.