Canadian payment technology provider Mobeewave has received investment from technology giant Samsung’s investment unit Samsung Venture Investment.
Financial terms of the deal were not divulged. However, the Montreal-based payments firm said that the latest capital increases its recent Series B funding to nearly $20m.
Last November, Mobeewave raised $16.5m through the Series B funding round. The initiative was led by NewAlpha Asset Management, Mastercard and Forestay Capital.
The payments firm did not reveal specifics about how the capital by Samsung will be used.
“This investment from Samsung Venture Investment Corporation will help further the Canadian FinTech’s mission of enabling anyone around the world to seamlessly enter the digital economy,” Mobeewave stated.
The latest investment comes almost a year after Samsung said that it will offer Mobeewave’s in-person contactless payment acceptance solution on its devices.
Mobeewave co-CEO and co-founder Maxime de Nanclas said: “Mobeewave helps enable merchants, business owners and entrepreneurs to meet the evolving expectations of consumers in today’s mobile marketplace as Canadians’ use of cash continues to decline.
“Samsung’s financial investment will help support our research and development in further progressing digital transformation through innovative, customer-focused solutions – a goal that we both share.”
In announcing the new investment, Mobeewave cited the 2018 Canadian Payment Methods and Trends report. It revealed Canadians’ preference for digital payments over cash payments.
The number of contactless transactions processed in 2017 is 3.2 billion. The figure was a 55% surge from a year earlier.
