'Powered card' start-up QSecure raises $10 million in funding round
06 October 2009 | 1266 views | 0
QSecure Inc., the powered card platform company, today announced it has received $10 Million in Series D funding from Worldview Technology Partners, Allegis Capital, UMC Capital, and Société Générale.
"We are big believers in the market potential for powered cards and are excited about the progress QSecure is making," said Pete Goettner, General Partner, Worldview Technology Partners. "The capital raised in this round of financing will allow QSecure to begin card deployment at customer sites while continuing to innovate the platform. QSecure is uniquely positioned to be a market leader in this rapidly growing segment."
The proceeds from the financing will be used to complete final development and initial pilots of QSecure's first powered card products, including the SmartStripe card and the Display Card. Funds will also be used to continue development of the QSecure powered card platform, which will enable additional products and value-added services to be deployed by payment card issuers and banks.
"Powered cards offer a unique set of benefits to financial institutions - greater security, in both on-line and off-line transactions, as well as the ability to expand functionality through future software enhancements. Unlike mobile platforms, the issuer maintains complete control of branding and distribution," said David Krall, CEO of QSecure, Inc. "Further, because they work compatibly in the existing card acceptance infrastructure, powered cards are an ideal platform on which to innovate."
QSecure is a key innovator in the field of powered cards, already holding 11 patents targeted at reducing fraud and helping card issuers increase revenues from value-added services for their customers. QSecure's solutions operate in both on-line and off-line environments, and work within the existing card payment infrastructure. QSecure's cards are expected to be in pilot deployment this year, with commercial production beginning in 2010.