Samsung’s investment arm was one of several companies to take part in a $20 million funding round by Canada-based mobile payment processing company Mobeewave.
Other investors in the round include the VC arm of Mastercard, NewAlpha and Forestay Capital. The amount contributed by each party was undisclosed.
Mobeewave operates in a number of international markets in addition to Canada. It provides merchants with the ability to process contactless payments using a smartphone instead of a traditional point of sale terminal.
Its system doesn’t require any peripherals on the smartphone and accepts payment from contactless bank cards or mobile wallets.
The investment by Samsung Venture Investment Corporation comes almost a year after the payment company signed a global partnership with Samsung Electronics to make its platform available on Samsung smartphones.
Mobeewave co-founder Maxime de Nanclas said: “Samsung’s financial investment will help support our research and development in further progressing digital transformation.”