US firm SimplyTapp, an early developer of host card emulation (HCE) technology, raised $2.5 million from Mozido, whose specialism is cloud-based payments.
The additional backing raises SimplyTapp’s total funding to $10.1 million, which it will deploy in ramping up R&D and boosting channel support for global partners.
Mozido, also from the US, has a customer base of retailers, financial institutions and mobile operators.
SimplyTapp’s technology enables merchants to add mobile payments capability to stored-value and private label cards, enabling a single tap at existing NFC payment terminals.
The deal follows Mozido’s acquisition of a majority stake in m-commerce firm Corfire in December 2014. The US vendor was previously wholly-owned by South Korean IT services provider SK C&C.
That deal meant Mozido took over “one of the world’s most successful closed-loop mobile wallet apps” in Dunkin’ Brands (US retailer Dunkin’ Donuts’ wallet), plus it “gained a reach of two billion users through relationships with six of the top 20 mobile network operators (MNOs) in the world”.