Montreal’s Mobeewave has announced that it has closed a US $16.5 million Series B round of funding led by NewAlpha Asset Management, Mastercard and Forestay Capital.
Including the main founding shareholders of the company and secured with the support of Oakland Partners, the strategic funding will enable Mobeewave to continue to deploy its patented solution in markets around the world and develop new product offerings.
The fintech startup is the world’s first and only provider of mobile payment solutions which enable secure contactless payment acceptance on smart devices, without the need for external hardware.
In line with payment industry security standards and offered as a white-label solution, Mobeewave’s bring-your-own-device technology allows financial institutions, network providers and non-profit organizations to serve their clients and merchants with an inexpensive and convenient alternative to traditional point-of-sale offerings.
Earlier this year, Mobeewave signed a global partnership agreement with Samsung Electronics making the Canadian FinTech’s platform available for commercial use on more than 250 million Samsung devices around the world.