Sequent Software, a leading provider of Trusted Service Manager (TSM) and mobile commerce software and services, announced today that it has closed a $12 million Series B financing.
SBT Venture Capital -- the venture arm of Sberbank, Russia's largest bank with more than 100 million customers -- led the round with existing investors Opus Capital and Jado Investments participating. The new funding will fuel Sequent's growth as it drives worldwide commercial deployments of its innovative TSM and wallet platform with mobile operators and card issuers including leading banks. Mircea Mihaescu from SBT Venture Capital will join the company's board.
"Sequent's TSM and wallet platform has been adopted and deployed by mobile network operators and card issuers around the world," said Sequent CEO Robb Duffield. "This funding and the addition of Mircea to our board will allow us to continue to expand our team of industry experts, meet the growing market demand and scale for future growth."
Sequent's software and services platform enables consumers to easily and securely download payment cards and other credentials to their mobile devices. Consumers use those credentials to make payments and access information and offers from mobile network operators, retailers and financial institutions.
Sequent's patented technology allows all cards and credentials in the secure element to work in all approved apps in all types of mobile devices. The solution unlocks new revenue potential for service providers, creates choice for consumers and empowers mobile network operators to monetize these new benefits.
"We evaluated several opportunities and concluded that the Sequent team has created the best solution in both breadth and depth for service providers as well as secure element owners," said Mircea Mihaescu, SBT Venture Capital. "We are excited to help Sequent grow as the global leader in TSM software and services."