Masabi secures significant investment from Accel-KKR
Masabi, the company bringing the latest ticketing innovations to public transport around the world via ‘Fare Payments-as-a-Service’, today announced a strategic growth investment from Accel-KKR, a leading technology-focused private equity firm with over $11 billion in capital commitments.
We're delighted for Brian and the Masabi team as they enter this next phase of growth.
Cities and public transit agencies previously had to rely on monolithic automated fare collection technology providers to create complex, bespoke ticketing systems resulting in excessive capital expenditures, significant time and effort to go live.
This legacy approach delivers systems that are expensive and time consuming to upgrade, while also creating significant challenges maintaining pace with consumer and technology changes.
This new investment will supercharge Masabi’s continued success in disrupting the legacy ticketing industry by accelerating product development and adding new deployments of Justride in North and South America, Europe and Asia-Pacific.
Today, Masabi operates in nine countries, with more than 140 customers in cities such as Denver, Las Vegas, Boston, Los Angeles, San Antonio, Columbus, Calgary, Birmingham, Valencia, Bilbao and Osaka.
“Over $270 billion is spent every year on tickets for public transit globally, and it is one of the most visible services that local governments provide. Agencies have been underserved by rigid, stifling systems unable to keep up with technology and consumer-facing innovations that riders have come to expect in their daily lives. We have been impressed by Masabi’s agile yet powerful SaaS approach to bring innovation to this space, and we look forward to supporting Brian and the Masabi team as they scale.”Joe Porten, Managing Director of Accel-KKR