Mobile-first transport ticketing firm Masabi has announced a $12m (£7.95m) round of funding, with investors including international public transport operator Keolis, Lepe Partners, MMC Ventures and MasterCard.
The company's JustRide platform gives public transport providers a cloud-based end-to-end mobile ticketing and fare collection system, and is used in cities around the world by almost 25 operators and agencies, including Virgin Trains, Abellio, Transport for Athens and New York's MTA.
Keolis and MasterCard already had existing strategic partnerships with Masabi, and their investment in the company suggests further collaboration is in the pipeline, and will no doubt accelerate the company's growth. MasterCard is working with Masabi to help eliminate cash through its MasterPass digital wallet platform, and Keolis is working to integrate Masabi's mobile ticketing into its digital offering.
"Our mission is to transform everyday transport for millions of people in cities worldwide," said Brian Zanghi, CEO of Masabi. "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."
"Technology is revolutionising city transport and Masabi is at the forefront of the movement, working in major global cities such as New York, London and Athens," said Hany Fam, president of MasterCard Enterprise Partnerships. "Making access to a city's transit system as simple as possible for residents and visitors is a key component for sustainable urban growth."