Sequent Software Closes $12 Million in Series B Funding to Scale Commercial Deployments Led by SBT Venture Capital with Existing Investors Participating
REDWOOD CITY, Calif., July 8, 2013 /PRNewswire/ -- Sequent Software (www.sequent.com), a leading provider of Trusted Service Manager (TSM) and mobile commerce software and services, announced today that it has closed a $12 million Series B financing. SBT Venture Capital—the venture arm of Sberbank, Russia's largest bank with more than 100 million customers—led the round with existing investors Opus Capital and Jado Investments participating. The new funding will fuel Sequent's growth as it drives worldwide commercial deployments of its innovative TSM and wallet platform with mobile operators and card issuers including leading banks. Mircea Mihaescu from SBT Venture Capital will join the company's board.
"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 software and services platform enables consumers to easily and securely 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.
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. The solution unlocks new revenue potential for service providers, creates choice for consumers and empowers mobile network operators to monetize these new benefits.
"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."
Sequent provides a leading Trusted Service Manager (TSM) software and services platform. Sequent's comprehensive SE-TSM Secure Element Management service supports diverse contactless security technologies while rapidly onboarding issuers and application providers. Sequent's SP-TSM software enables banks and other service providers to provision and manage their own credentials on the secure elements of mobile phones. Sequent's Wallet Enablement Platform makes it easy to add Near Field Communication (NFC) payments and other credentials into rich, branded consumer mobile apps. For more information, see www.sequent.com
About SBT Venture Capital
SBT Venture Capital is managing an early-stage strategic venture capital fund focused on investing in technology innovations that have a significant impact on the financial services industry. The fund principal investor is Sberbank, the largest bank in Russia and Eastern Europe, holding almost one third of aggregate Russian banking sector assets. More than 100 million individual customers bank with Sberbank and about 1 million businesses. The Bank has the largest distribution network in Russia with more than 18,000 branches, as well as subsidiaries in 20 countries including the CIS, Central and Eastern Europe and Turkey.
SOURCE Sequent Software