Austin-based SimplyTapp has raised an additional $2.5M of their Series B financing round from Mozido, elevating the total amount of funding raised to $10.1M. The new infusion of capital will allow SimplyTapp to ramp up R&D by expanding its core engineering team and bolster channel support for global partners.
SimplyTapp’s open card issuance platform allows merchants to use Near Field Communication (NFC) for cheaper payments because there are no interchange fees, with the same user experience as the recently launched Apple Pay. Merchants can securely and effectively leverage mobile payments within their customer’s mobile experience, including stored-value and private label cards, with a single tap at existing NFC payment terminals.
Founded in 2011, SimplyTapp has created the only open card issuance platform that enables developers to innovate and leverage mobile devices for tap-payments and other real-world transactions. The company’s platform leverages Host Card Emulation (HCE) in conjunction with near field communications (NFC). It serves both retailers and financial institution’s mobile payments initiatives, allowing the existing developer infrastructure to innovate and provide a solid competitive offering to companies like PayPal and Stripe.
Mozido’s mobile payments platform includes mobile financial services, loyalty programs, and mobile offers for business and retail. Through its white-label, cloud-based platform MoTEAF, Mozido serves people around the world who choose to manage their money using their mobile phone rather than relying on traditional financial institutions.
For more data on NFC access CardData®. For information and commentary on NFC visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on NFC are available exclusively through CardWeb.com.®