Mobile payments solution Sequent Software has raised USD12m in a round of funding led by SBT Venture Capital, with further participation from existing investors Jado Investments and Opus Capital. Sequent Software says the financial backing will be used to develop the product and market it to worldwide markets.
Sequent Software creates payment cards that consumers download to their mobile devices, which can then be used with retailers, banks and offers provided by mobile networks. The Californian firm was founded in 2010 and claims its technology provides more choice for mobile users, therefore driving business for mobile network operators.
“We evaluated several opportunities and concluded that the Sequent team has created the best solution in both breadth and depth for service providers as well as secure element owners,” said Mircea Mihaescu, SBT Venture Capital. “We are excited to help Sequent grow as the global leader in TSM software and services.”
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