Shell Ventures extends Masabi funding round
Fare payments software provider Masabi has completed an investment from Shell Ventures as an extension to the fintech's recent $20 million growth fund through Smedvig Capital and MMC Ventures.
Shell Ventures, making the investment on behalf of Shell E-Mobility, did not disclose the amount of its investment. Masabi indicated that investors and venture capital funds generally contribute between $2 million and $20 million over the life cycle of a deal.
The investment boosts Masabi's Justride platform, which helps consumers choose and pay for public transportation services through an app.
Shell has demonstrated an interest in payments apps in the past, establishing its own last year to help offset the costs of EMV chip migration at its gas station pumps.
Masabi says it currently processes more than $1 billion in annual transport ticketing sales through clients that include Uber, Transit, Jorudan and Kisio Digital.
“While hybrid and zero-emission projects have proven that the potential for reducing costs and cutting emissions is substantial, we also see the need to take vehicles off the road by transitioning drivers to become riders,” Roger Hunter, vice president of E-Mobility at Shell, said in a Thursday press release. “Through our partnership with Masabi, we find ourselves at the forefront of an emerging technology that is already delivering a tangible and positive impact on how people move around towns and cities across the world.”
Masabi's fare payments-as-a-service allows transportation providers to deploy mobile ticketing or an account-based full fare system that accepts contactless bank cards, mobile devices and smartcards. The company has offices in London, Tokyo and Sydney, as well as five U.S. locations, including New York City.
“As mobile ticketing has evolved, so has the scope of our work," Brian Zanghi, CEO at Masabi, said in the release. "We have expanded our focus beyond just enabling the purchase of tickets to offering passengers convenient solutions for discovering transit options and driving uptake of public systems to reduce congestion.”