UK, Russian payment startups partner in $9m investment in payment wearables

Visual from TEDIPAY website.

Russia’s payment solution provider CardsMobile has teamed up with London-based mobile transaction company TEDIPAY (UK) Ltd in a $9 million deal to create an open wearables platform for secure contactless payments, mass transit and access control, in the UK.

The two startups announced the partnership at the UnBound London conference on Tuesday.

TEDIPAY developed the wearables solutions, powered by the same chip as used by Apple Pay. “TEDIPAY delivers the same user experience as Apple Pay, but via open wearables platform,” said Alexander Peschkoff, CEO of TEDIPAY.

By integrating TEDIPAY’s platform with CardsMobile’s MasterCard-certificated service, it allows TEDIPAY to bring into the mainstream such use cases as bank card aggregation, mass transit, IT security and access control.

The combination will enable TEDIPAY to “further enhance their value proposition and to create unique compelling ecosystem for major global players in the fields of mobile payments, transit ticketing, and online security,” said Kirill Gorynya, CEO of CardsMobile.

In addition to NFC (Near Field Communication) interface, TEDIPAY’s secure wearables platform also features Bluetooth Low Energy for seamless integration with any smartphone.

TEDIPAY, which stands for Trusted Element Device for Innovative Payments, was acquired by UK travel startup Global Travel Ventures in December 2014. Its collaborative project, smart transit ticketing solution for public transport MultiPass, is funded with over 1 million pounds. Another portfolio product is MAGIC, a retail solution that integrates payments, loyalty, coupons and receipts into a seamless user experience.

Its Russian partner, a resident company of the Skolkovo innovation incubator, recently launched a mobile wallet application for Android OS that allows to issue MasterCard contactless bank cards, transport cards and mobile coupons. The app is also available on Google Play. Currently, its investor is i-Free Ventures.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.