SimplyTapp’s Cloud Secure Element Technology provides banks, retailers and other credential issuers a Secure Solution for consumer mobile payments on Android. Also touted as a leading provider of Host Card Emulation based solutions, SimplyTapp recently announced that it has raised $5.9M of a Series B financing round from undisclosed new investors and existing investors Blue Sky Capital and Lightspeed Venture Partners, bringing the total amount of funding raised to date to $7.6M.
The capital will be used to continue the development of its cloud based secure element solution for NFC mobile payments, access control, and in-app payment solutions for banks, payment card issuers, transit authorities and retailers. Further fostering innovation in the credential issuance industry, SimplyTapp has opened up its developer platform to credential issuers and mobile application developers to enable the advancement of virtual card issuance that will help make mobile payments and mobile experiences in other verticals a reality for millions of consumers.
"We are thrilled to have this funding support after achieving several important company milestones this year so far," said Doug Yeager, co-founder and CEO of SimplyTapp, in an official press release. "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."
With its Secure Element as a Service turnkey solution for credential management and distribution, SimplyTapp makes it easy for card issuers to future-proof credential options for consumers, including mobile payment, access control, transit, ticketing and other verticals, strengthening issuers' relationships with their customers.
Founded in 2011, SimplyTapp creates new and powerful open platforms that enable developers to innovate and leverage mobile devices for tap-payments and other real-world transactions. The company's first platform leverages host card emulation (HCE) in conjunction with near field communications (NFC). It serves both retailers and financial institution's mobile payments initiatives, allowing the existing developer infrastructure to innovate and provide a solid competitive offering to companies like PayPal and Stripe.