SimplyTapp Raises Series A Funding
SimplyTapp Inc., an Austin, TX-based developer of cloud-based mobile payment technology, raised a Series A funding of undisclosed amount.
The round was led by Lightspeed Venture Partners with participation from Blue Sky Capital.
Founded in 2011 by CEO Doug Yeager and Ted Fifelski, SimplyTapp creates open platforms that enable developers to leverage mobile devices for tap-payments and other real-world transactions. Its first platform leverages host card emulation (HCE) in conjunction with near field communications (NFC).
The company created Host Card Emulation (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.
Currently, SimplyTapp has over 100 developers using their SDK tools and has partnered and deployed with a global bank.