The capital will be used to continue the development of its cloud based secure element solution for NFC mobile payments, access control, and in-app payment solutions for banks, payment card issuers, transit authorities and retailers.

"We are thrilled to have this funding support after achieving several important company milestones this year so far," said Doug Yeager, co-founder and CEO of SimplyTapp. "Android devices now include near field communications HCE architecture for payments and many other verticals, allowing us to scale commercially, and in June we announced that VISA, Inc. and MasterCard Worldwide, Inc. support our effort to lead the adoption of mobile payment experiences."

Further fostering innovation in the credential issuance industry, SimplyTapp has opened up its developer platform to credential issuers and mobile application developers to enable the advancement of virtual card issuance that will help make mobile payments and other verticals a reality for millions of consumers. With its Secure Element as a Service turnkey solution for credential management and distribution, SimplyTapp makes it easy for card issuers to future-proof credential options for consumers, from mobile payment, access control, transit, ticketing and other verticals, strengthening issuers' relationships with their customers.