Masabi, a mobile ticketing and transportation payment company based in the U.K., has raised $20 million in a Series B funding round, according to reports.
The round was led by Smedvig Capital, with MMC Ventures and other companies also investing. The new round brings the total raised to around $40.8 million after a $12 million round in December of 2015. Masabi CEO Brian Zanghi said the new capital will be used to expand the platform around the world.
“For too long, cutting-edge innovation in transit ticketing was only available to megacities,” said Zanghi. “But a quick and easy ticketing experience shouldn’t be the sole preserve of these cities. It should be available to passengers using any public transport service anywhere around the globe.”
The company has been growing rapidly. Last year, 85 million passengers used its software-as-a-service platform Justride, which handles in-app public transportation ticketing services. It should pass the $1 billion mark in ticket sales in the next year.
Justride lets organizations like the Los Angeles Metrolink, the New York Metropolitan Transportation Authority and the Massachusetts Bay Transportation Authority decide how they want to sell tickets, and to handle their branding using white-label templates. The Justride API also enables third-party apps and other sites to push the tickets into users’ accounts.
“Through innovations such as simply being able to tap a contactless bank card to travel and integrations into the top mobility apps, Masabi is delivering on this vision,” said Zanghi. “As we enter a new phase, having the support of Smedvig Capital, MMC Ventures, Mastercard and our other investors means we can continue to drive the market forward and help even more cities and transit operators around the world embrace the latest in ticketing and payments technology and the future of practical MaaS.”
Masabi noted that Justride only takes days to deploy, and that the average customer can buy a ticket in less than 30 seconds.
“The combination of Masabi’s track record of customers, innovation and technology made this investment decision one we feel extremely enthusiastic about, and we are excited about working closely with them to accelerate their global expansion,” said Smedvig Managing Director Jonathan Lerner.