2018 was a pivotal year for MYPINPAD – a year that helped shape the company and lead us to become the global leader in payment acceptance and authentication software solutions. Over the last 12 months we have seen success in various ways; game-changing industry regulations coming into practice, piloting our innovative PIN on Mobile (PoM) technology with global brands, and the announcement of our £15million funding success.
A real game-changer for Licentia Group Ltd (sole owner of MYPINPAD and MYHSM) was the successful closure of a Series B investment round facilitated by the company’s long-time advisor Asia Principal Capital, amounting to £15million (USD$20m). The funding will help aid the expansion of our Companies (MYPINPAD and MYHSM) and further invest in the development of our solutions to help remove complexity from card payment acceptance and consumer authentication.
Speaking of the funding success; Philip King, Chairman and CEO, Licentia and MYPINPAD said: “We are delighted to have received this level of support from our existing investors. The timing could not be better. MYPINPAD and its sister company MYHSM, are focused on the removal of complexity from global payments acceptance and consumer authentication. This funding will allow both companies to ‘scale’ to meet the demand they have created unfettered by capital constraints. We are now in a strong position to attract the best Sales, Support and Technical Development talent to join our established first-class team in London and in Cardiff.”
New PCI SPoC Standard for Card Payment Acceptance
In January, the PCI Security Standards Council announced a new standard for software-based PIN entry into COTS (Consumer Off-The-Shelf) devices for card payment acceptance which included a specification for isolating and protecting card PIN when entered in to a touchscreen phone or tablet.
The new standard aligned perfectly with our goal of increasing merchant card acceptance globally whilst also mitigating risk for both retailer and consumer. By using our innovative PoM technology, merchants of all sizes around the world can utilise affordable software-based card acceptance devices.
We hosted an executive briefing at MYPINPAD’s headquarters to explore the impact of the new standard on the retail and payments industry, particularly how our PoM solution puts businesses at the cutting edge of this payments revolution. You can view the video of the event here.
Revolutionising the mPOS Landscape
Entering card PIN into a mobile device revolutionised the current mPOS landscape by removing the need for expensive, dedicated POS terminals. We believe PIN on Mobile (not to be confused with PIN on Glass) will become the most widespread form of face-to-face payment authentication globally. In partnership with Ingenico we launched a number of successful pilots in Poland, France, and Italy to demonstrate the efficacy of PoM.
Also, our sister company, MYHSM, launched an industry first hardware security module (HSM)-as-a-service using Thales payShield HSMs. This solution benefits banks, merchants and acquirers alike by removing capital infrastructure constraints and the need for highly skilled resource usually associated with payment platforms – enabling payment transaction processing and payment credential issuing with trusted key management for the dynamic payments industry.
Looking to the Future
Whilst 2018 was been a landmark year for MYPINPAD, there’s plenty to look forward to in 2019. The funding secured last November will help us recruit top tech talent in our Cardiff head office. Wales Online recently named us one of the top 35 companies to watch in the country, so it’s an incredibly exciting time to join us and be a part of the ever-growing Cardiff tech scene.