Samsung backs Mobeewave in latest funding wave
Montreal-based payments firm Mobeewave has secured undisclosed funding from Samsung Venture Investment Corporation.
The investment follows on from its Series B round of funding last year, which was led by NewAlpha, Mastercard and Forestay Capital, bringing the total amount to almost $20 million.
It also follows on from February 2018, when Samsung said it will be using Mobeewave’s patented in-person contactless payment acceptance solution on its devices.
Benjamin du Haÿs, co-CEO and co-founder of Mobeewave, says: “Innovation in fintech is good for everyone – from enabling financial inclusion in emerging markets to benefitting entrepreneurs and not-for-profit organisations.”
He adds: “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.”
There aren’t any details about how the funding will be used, just that it will help its “mission of enabling anyone around the world to seamlessly enter the digital economy”.
The firm’s processing platform offers merchants a way to accept payments using their mobile device by turning their smartphone into a payment terminal.
Users can accept payment from anyone via a contactless card or mobile wallet without the need for external hardware.
Mobeewave also cites “The 2018 Canadian Payment Methods and Trends” report, that says the number of contactless transactions processed in 2017 grew to almost 3.2 billion transactions worth $104 billion, representing a 55% increase over the previous year.