Mobile ticketing firm Masabi closes $12m funding round
Young Gun-founded company has recently been working with investor Mastercard to integrate its one-touch Masterpass digital wallet
Global mobile ticketing company Masabi, founded by Growing Business Young Guns Ben Whitaker, Tom Godber and Ed Howson, has closed a $12m funding round led by Keolis, Lepe Partners and Mastercard, alongside existing investor MMC Ventures.
Founded in 2001, Masabi’s cloud-based ticketing and fare collection system upgrades traditional paper ticketing to reduce costs for agencies and combines payments, display and inspection, customer service and reporting.
The business works with more than 22 transport operators and agencies around the world including Virgin Trains, Abellio and New York’s MTA.
Mastercard and Masabi are currently working together to integrate its one-touch Masterpass digital wallet platform into JustRide, negating the need to use cash when travelling via public transport. Additionally, Keolis has partnered with Masabi to include its mobile ticketing into its integrated platform.
The funding will fuel these product developments and enable the company to expand into new territories.
Masabi CEO, Brian Zanghi, said of the investment: “Our mission is to transform everyday transport for millions of people in cities world-wide. 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.
“We are delighted to welcome their investment together with that from Lepe Partners and MMC Ventures to support our operations around the world where mobile ticketing is enhancing the quality of life of urban residents and visitors and bringing about smarter, better connected cities.”