Mobile Wallet Provider Secures $12 Million in Additional Funding

 

Trusted Service Manager (TSM) privider, Sequent Software has closed a $12 million Series B financing.

Sequent's software and services platform enables consumers to download payment cards and other credentials to their mobile devices. Consumers use those credentials to make payments and access information and offers from mobile network operators, retailers and financial institutions.

SBT Venture Capital - the venture arm of Russia's largest bank, Sberbank led the round with existing investors Opus Capital and Jado Investments participating.

The new funding will fuel Sequent's growth as it drives world wide commercial deployments of its TSM and wallet platform with mobile operators and card issuers including leading banks.

"Sequent's TSM and wallet platform has been adopted and deployed by mobile network operators and card issuers around the world," said Sequent CEO Robb Duffield. "This funding and the addition of Mircea to our board will allow us to continue to expand our team of industry experts, meet the growing market demand and scale for future growth."

Sequent's patented technology allows all cards and credentials in the secure element to work in all approved apps in all types of mobile devices.

"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."