Mobeewave, pioneers in in-person contactless payment acceptance, announces that it has closed a US$16.5 million Series B round of funding led by NewAlpha Asset Management, Mastercard and Forestay Capital.
Including the main founding shareholders of the company and secured with the support of Oakland Partners, the strategic funding will enable Mobeewave to continue to deploy its patented solution in markets around the world and develop new product offerings.
The Montreal-based startup is the world's first and only provider of mobile payment solutions which enable secure contactless payment acceptance on smart devices, without the need for external hardware. In line with payment industry security standards and offered as a white-label solution, Mobeewave's bring-your-own-device technology allows financial institutions, network providers and non-profit organizations to serve their clients and merchants with an inexpensive and convenient alternative to traditional point-of-sale offerings. Earlier this year, Mobeewave signed a global partnership agreement with Samsung Electronics making the Canadian FinTech's platform available for commercial use on more than 250 million Samsung devices around the world.
The Mobeewave platform is currently deployed in Australia, Canada and Poland through respective partnerships with Commonwealth Bank, National Bank, and Polskie ePlatnosci ("PeP"), together with Mastercard. Further rollouts are to be announced in the coming months. This new round of investment will be key to Mobeewave's growth strategy as it continues to establish a leading position in target markets and will support the deployment of its platform through strategic alliances with banks and payment facilitators, as well as expanding the company's head count.
"We are delighted to have closed our Series B round of funding, led by NewAlpha and Mastercard and including Forestay Capital," said Benjamin du Haÿs, CEO and co-founder of Mobeewave. "This is a major market validation of our payment acceptance platform and highlights Mobeewave as an industry leader in the FinTech space."
"Securing strategic funding from organizations with a proven track record of supporting innovation, especially financial technologies, will enable Mobeewave to continue to grow, develop new product offerings and business partnerships," said Maxime de Nanclas, COO and co-founder of Mobeewave. "This financial backing has also brought us one step closer to realizing our goal of making payment acceptance an option for everyone."
"Thanks to its secure and patented technology, Mobeewave paves the way to widespread adoption of mobile payment acceptance," added Jonathan Cohen Sabban, Managing Director at NewAlpha. "This is our first investment in a Canadian FinTech start-up and we're excited to fuel Mobeewave's growth by participating in this round of funding."
"We are continually looking to simplify how merchants can provide the best possible customer experience, including how they pay. Our work with Mobeewave has helped extend the power of the smartphone by providing merchants of all sizes – from international chains to individual shop owners and street vendors – a fast, secure and easy way to accept payments," said Blake Rosenthal, executive vice president for acceptance at Mastercard.
"Mobeewave's unique technology is matched by its first-rate management team and their impressive and ambitious strategy for growth", said Frederic Wohlwend, Forestay Capital's Managing Partner. "We are excited to be partnering with them and our co-investors, Mastercard and NewAlpha, to help the company accelerate its expansion internationally."
"We are delighted to have worked with Mobeewave on this international funding round," said Baruk Pilo, Managing Director at Oakland Partners. "The company's co-founders are building a very impressive and world-leading FinTech business with their trusted and secure mobile acceptance platform and we look forward to their ongoing success."