Montreal-based Mobeewave has announced that it has closed a $22 million CAD ($16.5 million USD) Series B led by NewAlpha Asset Management, Mastercard and Forestay Capital.
Mobeewave allows merchants’ mobile devices to accept secure contactless payments via NFC, without the need for external hardware. Earlier this year, Mobeewave signed a global partnership agreement with Samsung Electronics, making their platform available for commercial use on more than 250 million Samsung devices around the world.
“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, the 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.”
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.
“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, the 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.”
This funding will enable Mobeewave to deploy its solution globally and develop new product offerings. It will also 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 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.