Masabi, the company bringing Software-as-a-Service (SaaS) ticketing and payments to public transport, today announced a $20 million growth funding round with investment led by new investor, Smedvig Capital. MMC and other existing investors participated.
The capital will accelerate Masabi’s global expansion of its award-winning mobility platform, Justride, and fast-track the company’s role in bringing digital transformation to transit agencies and operators of all sizes, enabling the foundations for integrated multi-modal journeys.
On target to exceed $1bn in annual transit ticketing sales over the coming year, Masabi will continue building on its recent additions to Justride, which removes the need for passengers to buy a ticket. Instead, they simply tap a contactless bank card, mobile phone or smartcard to travel. These innovations, together with world-first integrations with transport leaders including Uber, Transit, Jorudan and Keolis, are making it easier for people to discover and access public transit services in an efficient and scalable way, helping place public transit at the center of the global Mobility-as-a-Service (MaaS) movement.
Read more on Masabi’s fundraise via VentureBeat