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SimplyTapp Announces Series A Funding From Lightspeed Venture Partners to Revolutionize Mobile Payments

AUSTIN, TX — (Marketwired) — 11/27/13 — SimplyTapp Inc., the developer of leading edge cloud-based mobile payment technology, today announced that it has raised its Series A round led by Lightspeed Venture Partners and continued support from Blue Sky Capital.

“Lightspeed gives us the backing we need to grow the company at just the right time,” said Doug Yeager, CEO of SimplyTapp. “They really understand the space and share our vision for the future of mobile enabled payments. We are thrilled to have them as our partner.”

SimplyTapp Inc. was founded in 2011 by Doug Yeager and Ted Fifelski for the purpose of breaking down the barriers in the mobile payments ecosystem for developers.

The company created (HCE) and deployed it into the CyanogenMod operating system in early 2012 to bypass the network operator-s SIM card to complete a mobile payment at a point of sale terminal. Google launched HCE with the latest Android 4.4, KitKat and now uses HCE within the Google wallet implementation on the Nexus 5.

“The SimplyTapp team will bring secure open innovation to developers and issuers that have been dominated by complexity,” said Tim Danford of Lightspeed Venture Partners. “HCE is getting significant interest, I-m looking forward to working with the team to build a market leading company.”

The company has implemented the first platform that leverages HCE for mobile payments. A main advantage of the platform is the ability to leverage existing POS hardware infrastructure without requiring merchant adaptation. The platform is open to developers and card issuers; allowing for innovation in mainstream card issuance to go beyond PayPal and Stripe. Through secure and open APIs, SimplyTapp enables developers to include HCE payments in their applications. The service automates the process of securely storing issuer-s card credentials in the cloud.

Currently, SimplyTapp has over 100 developers using their SDK tools and has partnered and deployed with a global bank, enabling them to innovate beyond the mobile banking and payment status quo.

Learn more about SimplyTapp by visiting:

About SimplyTapp
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).

SimplyTapp Inc.

Posted by on 27. November 2013. Filed under Hardware, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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