Mobeewave Increases Series B Round with Investment from Samsung Venture Investment Corporation
Mobeewave, pioneers in in-person contactless payment acceptance, today announced that it has secured funding from Samsung Venture Investment Corporation. The investment follows closely on the heels of Mobeewave's successful Series B round of funding, which was led by NewAlpha, Mastercard and Forestay Capital, bringing the total amount to almost US$20 million. This investment from Samsung Venture Investment Corporation will help further the Canadian FinTech's mission of enabling anyone around the world to seamlessly enter the digital economy.
Based in Montreal, Mobeewave's patented payment processing platform offers merchants of all types and sizes a fast, secure and convenient way to accept payments using their mobile device by essentially turning their smartphone into a payment terminal. Users can easily accept payment from anyone via a contactless card or mobile wallet without the need for external hardware, and without having to worry about security or privacy.
"Emerging mobile solutions are key to opening up new markets," said Benjamin du Haÿs, co-CEO and co-founder of Mobeewave. "Innovation in FinTech is good for everyone – from enabling financial inclusion in emerging markets to benefitting entrepreneurs and not-for-profit organizations – and our platform is helping to revolutionize the ways in which businesses around the world deliver value to their customers," he continued. "Take charities for example, some of which are struggling to boost donations at a time when fewer people are carrying cash. Mobile contactless payment technology is a solution that allows anyone – including people who volunteer for a particular charity or even just members of the public – to collect donations."
For micro-merchants and entrepreneurs who may have struggled to gain traction as consumers opt for more convenient and digital methods of payment, Mobeewave offers an inclusive solution. By making it possible for anyone, anywhere to accept payment, the company is helping to empower entrepreneurs, especially those in emerging markets, through financial inclusion. "We're making it easier and less expensive for small and micro merchants to adopt cashless payment acceptance, which ultimately feeds back into the growth of a cashless society," said du Haÿs.
Through Mobeewave's global partnership agreement with Samsung, announced in February 2018, the secure and patented payment acceptance platform is currently available for commercial use on millions of Samsung devices in target markets around the world. The collaboration allows both partners to reach under-served small- and medium-sized merchants with an inexpensive and simplified alternative to traditional point-of-sale offerings, including in-person cash transactions. The 2018 Canadian Payment Methods and Trends report found that more Canadians than ever before are choosing to tap their cards or phone instead of paying with cash. In fact, the number of contactless transactions processed in 2017 grew to almost 3.2 billion transactions worth $104 billion, representing a 55 per cent increase over the previous year.
"Mobeewave helps enable merchants, business owners and entrepreneurs to meet the evolving expectations of consumers in today's mobile marketplace as Canadians' use of cash continues to decline," said Maxime de Nanclas, co-CEO and co-founder of Mobeewave. "Samsung's financial investment will help support our research and development in further progressing digital transformation through innovative, customer-focused solutions – a goal that we both share."
In an increasingly cashless world, Mobeewave enables people to accept money in person using only their phones. Since its creation in 2011, the Montreal-based FinTech has been a pioneering force in the mobile payment space and has created a patented solution to allow anyone to easily and securely accept payment. Mobeewave, an award-winning company, is now growing rapidly with key deployments in a number of markets around the world. Visit www.mobeewave.com and follow us on Facebook, Instagram, LinkedIn and Twitter.