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.