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January 29, 2019

Paytech Mobeewave secures investment from Samsung

Canadian payment technology provider Mobeewave has received investment from technology giant Samsung’s investment unit Samsung Venture Investment.

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Financial terms of the deal were not divulged. However, the Montreal-based payments firm said that the latest capital increases its recent Series B funding to nearly $20m.

Last November, Mobeewave raised $16.5m through the Series B funding round. The initiative was led by NewAlpha Asset Management, Mastercard and Forestay Capital.

The payments firm did not reveal specifics about how the capital by Samsung will be used.

“This investment from Samsung Venture Investment Corporation will help further the Canadian FinTech’s mission of enabling anyone around the world to seamlessly enter the digital economy,” Mobeewave stated.

The latest investment comes almost a year after Samsung said that it will offer Mobeewave’s in-person contactless payment acceptance solution on its devices.

Mobeewave co-CEO and co-founder Maxime de Nanclas said: “Mobeewave helps enable merchants, business owners and entrepreneurs to meet the evolving expectations of consumers in today’s mobile marketplace as Canadians’ use of cash continues to decline.

“Samsung’s financial investment will help support our research and development in further progressing digital transformation through innovative, customer-focused solutions – a goal that we both share.”

In announcing the new investment, Mobeewave cited the 2018 Canadian Payment Methods and Trends report. It revealed Canadians’ preference for digital payments over cash payments.

The number of contactless transactions processed in 2017 is 3.2 billion. The figure was a 55% surge from a year earlier.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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