Sequent, a US-based provider of trusted service manager (TSM) software, has closed $12m in series B funding led by SBT Venture Capital , the early stage strategic venture capital fund whose principal investor is Russia-based bank Sberbank. Existing, financial investors Opus Capital and Jado Investments also participated.
The funding will be used to scale up commercial deployments of Sequent’s near-field communications platform, which enables consumers to securely download payment cards and other credentials to their mobile devices.
Previously, Sequent raised an undisclosed amount of series A funding in May 2011, led by Opus Capital and SK Telecom Ventures, the corporate venturing unit of Korea’s largest phone operator.
Mircea Mihaescu of SBT Venture Capital, who will join the company’s board, said: “We evaluated several opportunities and concluded that the Sequent team has created the best solution in both breadth and depth for service providers as well as secure element owners. We are excited to help Sequent grow as the global leader in TSM software and services.”
Robb Duffield, Sequent’s chief executive officer, said: “Sequent’s TSM and wallet platform has been adopted and deployed by mobile network operators and card issuers around the world. This funding and the addition of Mircea to our board will allow us to continue to expand our team of industry experts, meet the growing market demand and scale for future growth.”
Sequent was founded in 2010.