In a series B financing round from Mozido, Simplytapp has raised $2.5 million with their total funding now reaching $10 million. Austin, TX based SimplyTapp provides cloud based mobile payment solutions for banks, payment card issuers, transit authorities and retailers. Utilizing host card emulation, SimplyTapp empowers your mobile banking application with tap and pay functionality all from within your bank’s private cloud.
The Paypers reports that this new capital will help SimplyTapp fund its R&D efforts by growing its core engineering team and adding support for its global partners. The mobile payment developer was founded in 2011. It creates platforms that enable merchants to use mobile devices for payments and related transitions. The latest round of funding from Mozido comes on the heels of $5.9m SimplyTapp raised in December 2014 from other investors.
It is exciting to have this timely investment from Mozido as it will allow us to focus on executing our key initiatives this year,” Doug Yeager, Co-founder and CEO of SimplyTapp told Finextra. “Our platform is being successfully used for a North American card issuing bank and in Chicago for the transit system. Likewise, merchants have the same requirement for an open, customer-focused mobile solution platform and we can fulfill their need today,” Yeager continued.
Mozido provides an integrated platform of cloud-based, white-label, mobile payment, shopping and marketing solutions, complemented by customer behaviour analytics. Mozido enables companies in retail, financial services, consumer packaged goods and telecom to serve both banked and unbanked consumers.
Mike Love, Mozido’s Chief Strategy Officer said “We share SimplyTapp’s vision for delivering cloud-based mobile payments and are pleased to provide support for their growth and development.” He added, “2015 will usher in renewed customer adoption for mobile payment solutions and we feel strategic relationships like this can accelerate delivering innovative solutions to our customers worldwide.”
SimplyTapp leverage emerging payment and distribution technologies like NFC, host card emulation (HCE) and secure element in the cloud to add secure and flexible payment functionality to mobile applications. Their solutions power Android’s KitKat 4.4 OS and beyond devices. Their solutions utilize the existing payment infrastructure such as card networks like Visa, Mastercard, Amex and Discover as well as proprietary solutions.
(image credit: Beau Giles)