Montreal FinTech Mobeewave has been making it possible for anyone to accept money using their phone since 2011, digitizing in-person peer-to-peer and micro-merchant transactions.
Today, Apple is making it possible for founders Benjamin du Haÿs and Maxime de Nanclas to do a Scrooge McDuck style dive into a pile of gold bullion. Bloomberg reports that the iPhone maker has struck a deal to acquire the Old Montreal headquartered startup for a staggering $100 million. The company had raised $29 million, plus debt financing over 3 rounds with the last one coming back in 2019.
Mobeewave lets users accept payment with their phones, without the need for any additional hardware. They were already working with numerous financial institutions around the world, including our very own National bank. Interesting to note that they also already have a deal with Samsung to build their technology into smartphones made by the Korean conglomerate as well. The multinational has also invested in Mobeewave in the past.
The deal will likely also enable to US’s largest smartphone maker to turn its iPhones into smart payment terminals as well. Mobeewave’s 60+ employees will be retained according to an unnamed Apple spokesman quoted in the story. “Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans.”