Masabi, the UK-based transport ticketing software developer backed by public transport operator Keolis and payment services firm Mastercard, has received $20m in funding.
The capital was provided venture capital firms Smedvig Capital and MMC Ventures in addition to undisclosed existing investors.
Founded in 2001, Masabi has developed a mobile ticketing and fare collection platform called JustRide which enables passengers to pay for travel by tapping a contactless bank card, smartphone or smartcard instead of buying a physical ticket.
The cloud-based platform also includes tools that allow transport providers to audit ticket sales, access usage reports and manage customer service requests.
JustRide is currently used by more than 50 transport agencies across 10 countries, such as The Metropolitan Transportation Authority of New York, rail operator LA Metrolink, river bus service Thames Clippers and tram network HTM The Hague.
The company has also integrated its platform with Keolis as well as ride hailing service Uber, mobility app developer Transit and route navigation platform Jorudan. It has also integrated Mastercard’s digital wallet offering into JustRide.
Proceeds from the round will fund Masabi’s global expansion plans. The latest round comes after it raised $12m from Keolis, Mastercard, merchant bank Lepe Partners and MMC Ventures in 2015.
Fontinalis Partners, MMC and M8 Capital invested $2.8m in the company in 2013, the latter two having also supplied $4m in funding in 2011. M8 had initially backed the company with a $2m investment in 2010.