SimplyTapp announced today that it has raised $5.9M in a Series B financing round from unnamed new investors as well as existing investors Blue Sky Capital and Lightspeed Venture Partners. To date SimplyTapp has raised $7.6M in capital.
The company, founded in 2011, is a provider of Host Card Emulation (HCE) solutions for cloud based mobile payments. SimplyTapp designs new and effective open platforms that help developers to innovate and leverage mobile devices for tap-payments and other transactions.
The capital raised will be used to further develop its cloud based secure element solution for NFC mobile payments, access control and in-app payment methods for bank institutions, card issuers, transit authorities and merchants.
Doug Yeager, co-founder and CEO of SimplyTapp says, “We are thrilled to have this funding support after achieving several important company milestones this year so far.”
To further foster and encourage innovation in the credential issuance space, SimplyTapp has opened up its developer platform to both credential issuers and mobile app developers. That move is expected to help facilitate the expansion and development of virtual card issuance, and will also allow mobile payments and other verticals to become a reality for consumers.
Yeager also notes, “Android devices now include near field communications HCE architecture for payments and many other verticals, allowing us to scale commercially, and in June we announced that VISA, Inc. and MasterCard Worldwide, Inc. support our effort to lead the adoption of mobile payment experiences.”
SimplyTapp makes the process easy for card issuers to future-proof credential options for customers while also strengthening and enriching the relationships between the card issuers and the customer.