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Sberbank Invests In Mobeewave
February 24, 2015 18:20


The Venture Fund of Technologies of Sberbank (STB Venture Capital), alongside with other investors, invested $ 6.5 million in the Canadian Mobeewave.

Its development can convert any smartphone with NFC technology into a payment terminal. The Mobeewave company announced the first investment round of $ 6.5 million, where the STB Fund was the largest investor.

Mobeewave developed an application converting any NFC-enabled smartphone into a terminal allowing you to pay for purchases with the use of contactless plastic cards - for example, MasterCard PayPass or Visa payWave. According to Mobeewave, there are a total of 8.7 million payment terminals for contactless cards in the world now - although the number of these cards worldwide will reach 4.2 billion by the end of 2018.

Strategic investments in Mobeewave made by SBT - a fund focusing on financial technologies and having wide connections in the world of finance - will be most important for the success of the company, for example, in the release of the technology on emerging markets, as the statement of the founder and CEO of the Canadian company Benjamin du Hays said. Now the ratio of contactless cards to corresponding terminals in the USA makes up 600 to 1, and therefore the level of acceptance of mobile payments is still unsatisfactory, the managing partner of the Fund Mircea Mihaescu explained the interest of SBT in Mobeewave in his blog last week.

“It is no surpsise that only 10% of customers of ApplePay technology used it in the first 30 days after its launch” – Mihaescu complains. He writes in his blog that Mobeewave will make it possible to explode the mobile payments market with a simple application converting any NFC-smartphone into a payment terminal. “Neither additional equipment nor complicated logistics is required - just download the application, sign up for services and begin to receive payments right away” – Mihaescu writes.

Sberbank created its venture fund worth $ 100 million in February 2012. Its first investments became known only in a year and a half, when the fund has invested $ 12 million in the US Sequent Software alongside with the former investors of the company, Opus Capital and Jado Investments. Sequent has developed a platform for remote control of contactless applications and services. Now NFC technology is supported by about 300 modern smartphones and tablets worldwide, and by another 16 devices that are not produced anymore. NFS-chip is built into the latest Apple smartphones, iPhone 6 and iPhone 6 Plus.

Author: Anna Dorozhkina

Tags: Sberbank Mobeewave    

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