Investments

Mastercard Leads Investment In Mobile FinTech Mobeewave

Contactless payment company Mobeewave announced the closing of a $16.5 million Series B funding round, led by NewAlpha Asset Management, Mastercard and Forestay Capital. The investment funds will enable the Montreal-based startup to continue to deploy its patented solution in markets around the world, develop new product offerings and expand the company’s head count.

“We are delighted to have closed our Series B round of funding, led by NewAlpha and Mastercard, and including Forestay Capital,” said Benjamin du Haÿs, CEO and co-founder of Mobeewave. “This is a major market validation of our payment acceptance platform, and highlights Mobeewave as an industry leader in the FinTech space.”

Maxime de Nanclas, COO and co-founder of Mobeewave, said, “Securing strategic funding from organizations with a proven track record of supporting innovation, especially financial technologies, will enable Mobeewave to continue to grow, [and] develop new product offerings and business partnerships. This financial backing has also brought us one step closer to realizing our goal of making payment acceptance an option for everyone.”

Mobeewave “is the world’s first and only provider of mobile payment solutions [that] enable secure contactless payment acceptance on smart devices, without the need for external hardware,” according to a press release.

Earlier this year, Mobeewave entered an international partnership with Samsung Electronics to make its“platform available for commercial use on more than 250 million Samsung devices around the world.” The Mobeewave platform is now available in Australia, Canada and Poland through partnerships with Commonwealth Bank, National Bank, and Polskie ePlatnosci (PeP), all in collaboration with Mastercard. Further expansions are expected to be announced in the near future.

“Thanks to its secure and patented technology, Mobeewave paves the way to widespread adoption of mobile payment acceptance,” said Jonathan Cohen Sabban, NewAlpha's managing director. “This is our first investment in a Canadian FinTech startup, and we’re excited to fuel Mobeewave’s growth by participating in this round of funding.”

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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