Payment services firm Mastercard has co-led a $16.5m series B round for Canada-based mobile payment technology developer Mobeewave.
Investment firm NewAlpha Asset Management and Forestay Capital, a venture capital subsidiary of asset manager Waypoint Capital, co-led the round, which also featured undisclosed founding shareholders of Mobeewave.
Founded in 2011, Mobeewave that enables users to accept payment through their smartphones without having to use external hardware. The series B proceeds will fuel international growth and product development.
Blake Rosenthal, Mastercard’s executive vice-president for acceptance, said: “We are continually looking to simplify how merchants can provide the best possible customer experience, including how they pay.
“Our work with Mobeewave has helped extend the power of the smartphone by providing merchants of all sizes – from international chains to individual shop owners and street vendors – a fast, secure and easy way to accept payments.”
Mobeewave was advised on the deal by Oakland Partners. SBT Venture Capital, the strategic investment vehicle for financial services firm Sberbank, had provided $6.5m of series A funding for the company in 2015.
Image courtesy of Mobeewave.
