LICENTIA/MYPINPAD Closes £15m (USD$20m) Series B Funding
Successful Series B to facilitate global expansion
22 October 2018, London, technology services and IP licensing company Licentia Group Ltd (LICENTIA), today confirmed it has closed a £15million (USD$20m) Series B investment round, facilitated by the Company’s long-time advisor Asia Principal Capital.
Licentia is the 100% owner of MYPINPAD Ltd (MYPINPAD), a global leader in payment acceptance and customer authentication software solutions, and 100% owner of MYHSM Ltd (MYHSM), a company established to provide the world’s first dedicated direct hosting service of Thales payShield Hardware Security Modules (HSMs) for the global Payments sector.
MYPINPAD aims to become the world’s first PCI Software-Based PIN Entry on COTS (SPoC) certified vendor compliant within the published PCI standard.
MYPINPAD’s Open mPOS cloud hosted solution uniquely enables Merchants, Acquirers and Payment Service Providers (PSPs) to deploy PIN on Mobile (PoM) technologies without the need to undergo their own PCI SPoC certification, removing complexity and saving time and money when deploying a next generation mPOS solution. Recent industry reports forecast a CAGR in global mPOS solutions of circa 32-40% from now until 2025. With its Open mPOS release MYPINPAD is ideally positioned to satisfy this emerging global demand.
PIN on Mobile and Open mPOS represent major steps forward for the payments industry in achieving Card Scheme ambitions to increase the number of payment acceptance points globally. The removal of complexity and PCI certification hurdles enables all Merchants to deploy a PoM solution simply and quickly.
Our hosted ‘HSM as a Service’ has been created to remove complexity and cost in managing HSMs, driven by market demand from businesses that do not wish to purchase, host or manage physical HSMs but would prefer a managed or virtual cloud-based service.
Philip King, Chairman and CEO, commented: “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.
MYPINPAD and MYHSM have an outstanding opportunity to deliver their products and services to a global market. We are very grateful for the investor support. We are excited by the opportunity at hand and very focused on its delivery.”