Mobile ticketing and payment provider Masabi has received $12 million in funding from various investors, including MasterCard.
Other investors included MMC Ventures, Lepe Partners, and international public transport operator Keolis, Masabi stated in a Dec. 7 press release.
In its mission to have commuters bypass cash payments for public transportation tickets, Masabi has offered MasterCard products through its mobile ticketing technology.
Earlier this year, Masabi added the MasterPass digital wallet as a payment option in Athens, Greece.
Masabi's JustRide platform is a cloud-based mobile ticketing and fare collection system for more than 22 transportation agencies worldwide, including those in Boston, Las Vegas, New Orleans and New York in the U.S.
"The combination of Masabi, MasterCard and Keolis represents three companies working at the forefront of their respective fields to develop and deploy products, making this a reality," Brian Zanghi, CEO of Masabi, stated in the release.
Hany Fam, president of MasterCard enterprise partnerships, added: "Making access to a city's transit system as simple as possible for residents and visitors is a key component for sustainable urban growth."