UK-based transport ticketing app developer Masabi raised $12m today in a round backed by public transport operator Keolis and payment processing service Mastercard.
Merchant bank Lepe Partners and venture capital fund MMC Ventures also contributed to the round.
Founded in 2001, Masabi operates a cloud-based mobile ticketing and fare collection platform called JustRide, which includes big data analytics to help transport providers optimise their networks.
The technology is used by 22 transport services across the world, including rail company Virgin Trains, river bus service Thames Clippers and New York’s Metropolitan Transport Authority.
Mastercard has already collaborated with Masabi to integrate its digital wallet offering, MasterPass, into JustRide, while Keolis has partnered Masabi to utilise the technology for its network.
Fontinalis Partners, MMC and M8 Capital invested $2.8m in Masabi in 2013. MMC and M8 also provided $4m in funding in 2011, after M8 had injected $2m in 2010.