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Singapore-based Nearex, a proximity-transaction solutions company, received an undisclosed amount of funding in a Series B round today. This marks the second round of funding Nearex has received from a group of investors, led by Tata Capital Growth Fund LP. Existing investors also contributed to the new round, including Japan-based BEENOS Asia and Xinvesco.
The company, which specializes in contactless micro payments, debuted Xip at FinovateSpring 2014 in San Jose. Xip’s micropayments solution offers merchants a tiny mobile point-of-sale terminal, called a XipPOS, that communicates with the consumer’s Mobile Money account via a personalized NFC sticker, XipTAG, to initiate a contactless payment.
The hardware integrates with existing mobile wallets. Nearex’s target clients include financial institutions and other mobile money service providers.
This post is part of our live coverage of FinovateSpring 2014.
All the way from Singapore, here is the team from Nearex
, demoing the Xip Micropayment System
“The Xip Micropayment System harnesses the widespread presence of mobile phones and rising use of mobile money to create an affordable, simple-to-use cash alternative for all kinds of day-to-day payments.
At the core of the solution is XipPOS for merchants, a low cost credit card size Mobile POS that has its own GSM radio core. It is highly portable, ruggedized, and uses NFC for contactless transactions. The consumers are given XipTAG, a personalized NFC card or sticker connected to their Mobile Money account. Payments are made by simply tapping XipTAG on the Xip POS. The existing mobile phone of the consumer is used as the acknowledgement interface. A cloud-based mediation server facilitates easy scaling and highly secured integration of Xip within a wide range of mobile money and banking environments.
XipPOS can be used individually by small merchants or easily integrated to meet the sophisticated demands of multi-outlet, multi-till retail establishments.”
Presenting: Mayank Sharma (CEO) and Arun Tanksali (CTO)
Product Launch: April 2014Metrics: $1 million raised to dateProduct distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms
Founded: December 2012