Paytech Mobeewave, based in Canada, has raised $16.5m in a Series B funding round led by NewAlpha Asset Management, Mastercard and Forestay Capital.
The Montreal-based payments firm intends to use the capital to deploy its platform worldwide through partnerships with banks and payment facilitators.
Currently, its platform is deployed in Australia, Canada and Poland through tie-ups with Commonwealth Bank, National Bank, Polskie ePlatnosci, and Mastercard. Plans are on for a broader rollout in the coming months.
Mastercard executive vice president for acceptance Blake Rosenthal said: “Our work with Mobeewave has helped extend the power of the smartphone by providing merchants of all sizes – from international chains to individual shop owners and street vendors – a fast, secure and easy way to accept payments.”
Mobeewave supports contactless payment acceptance on smart devices, without the requirement for external hardware.
With the new funds, the payments firm also aims to increase its talent pool and product portfolio.
Mobeewave COO and co-founder Maxime de Nanclas said: “Securing strategic funding from organisations with a proven track record of supporting innovation, especially financial technologies, will enable Mobeewave to continue to grow, develop new product offerings and business partnerships.
“This financial backing has also brought us one step closer to realising our goal of making payment acceptance an option for everyone.”