TIS, a subsidiary of IT services provider TI Intec, has led the first close of a $16m series C round for US-based card digitisation technology provider Sequent.
SBT Ventures, the strategic investment arm of financial services firm Sberbank, also participated in the round along with early-stage investment firm Opus Capital and family office Jado Investments.
Sequent has developed technology that enables banks and other card issuers to securely digitise their credit, debit, transit, loyalty or ID cards so they can be used on mobile and wearable devices.
Sequent chairman Fred Thiel said: “The market for tokenisation technology and services will only continue to grow in the coming years. Sequent’s comprehensive platform addresses the increasing need to provide trusted systems underlying the most threatened mobile environments and transactions.
“This recent investment will help fund enhancements to the core products and continued growth in support of our growing global network of partners.”
Opus Capital had previously co-led Sequent’s series A round in 2011 with SK Telecom Ventures, the corporate venturing subsidiary of telecommunications firm SK Telecom, in which the company raised an undisclosed sum.
SBT Venture Capital led the company’s $12m series B round two years later, investing together with Opus Capital and Jado Investments.