California’s Sequent raises $12 million from Russian and US funds for mobile wallet tech
In a new illustration of the internationalization of Russia’s venture capital, SBT Venture Capital, the venture arm of the national savings bank Sberbank, has led a $12 million round to fund Sequent Software, a California-based provider of trusted service manager (TSM) and mobile commerce software and services.
Sequent’s existing US investors Opus Capital and Jado Investments also participated in the deal.
Sequent’s software and service platform enables consumers to easily and securely download payment cards and other credentials to their mobile devices. Consumers use these credentials to make payments and access information and offers from mobile operators, retailers, and financial institutions.
This NFC-based solution is aimed at “unlocking new revenue potential for service providers, creating choice for consumers, and empowering mobile network operators to monetize these new benefits,” Sequent stated.
The present investment represents the first for SBT Venture Capital, a $100 million venture fund established in early 2012, targeting technologies that may have a significant impact on the financial service industry.
SBT Venture Capital’s Mircea Mihaescu will join the company’s board. ”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,” he stated.
Not only does Sberbank expect financial benefits from the operation but also considers using Sequent’s solutions to develop its own security and mobile applications, notes Rusbase.com.