Sequent Software, a Redwood City, California-based provider of Trusted Service Manager (TSM) and mobile commerce software and services, closed a $12m Series B financing.
The round was led by SBT Venture Capital, the venture arm of Sberbank, with participation from existing investors Opus Capital and Jado Investments. In conjunction with the funding, Mircea Mihaescu from SBT Venture Capital, will join the Sequent’s board.
The company intends to use the capital for worldwide commercial deployments of its innovative TSM and wallet platform with mobile operators and card issuers including leading banks.
Led by CEO Robb Duffield, Sequent provides a software and services platform that is designed to enable consumers to download payment cards and other credentials to their mobile devices and use them to make payments and access information and offers from mobile network operators, retailers and financial institutions.
The company’s patented technology also makes it easy to add Near Field Communication (NFC) payments and other credentials into branded consumer mobile apps.