June 27, 2019

Grab, the Southeast Asian ride hailing, mobile payments and food delivery app, said it raised another $300 million in funding from Invesco Ltd., putting the company on track to reach its goal of $6.5 billion in fundraising since July 2018.

The new funding raises Invesco's total funding of Grab to $703 million, following the investment firm's  acquisition of Oppenheimerfunds, which originally provided $403 million in funding to Grab in July 2018, according to a company release. 

"We are very excited to increase our stake in Grab and support their endeavor of bringing more everyday services, greater accessibility and convenience to users in Southeast Asia," Justin Leverenz, team leader and senior portfolio manager of Invesco Emerging Markets said in the release. "We have been closely watching Southeast Asia and we have every confidence in Grab's ability to unlock new opportunities across on demand mobility, delivery and financial services in the region."

A spokesperson for Grab told Mobile Payments Today that the funding will be used to accelerate the growth of GrabFood and Grab Financial Group, which the company launched in 2018. 

In March, Singapore-based Grab announced plans to offer loans for SMEs and micro insurance for drivers in that market. That same month, Grab also launched a Pay Later service for consumers under an existing joint venture that it launched in 2018 with Japan's Credit Saison Co.  

Citibank and Grab earlier this month launched a co-branded credit card that would initially launch in the Phillippines and expand into Thailand. 

Topics: In-App Payments, Mobile Apps, Mobile/Digital Wallet, Mobile Payments, Region: APAC

Companies: Grab

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June 26, 2019

French banking group Credit Agricole is launching a pilot with Germany's G+D Mobile Security to test whether biometric payment cards using a fingerprint reader can help secure higher value transactions, according to a company release. 

The 6-month study starting this month with 200 users will test the fingerprint technology using contactless payment cards, which usually have limits of $34 (30 Euros) on each transaction. The pilot program, if successful, will be rolled out in full by 2020. 

Mastercard and NXP Semiconductor are also participating in the pilot, which will be the first of its kind in France using this type of authentication technology. 

"The future belongs to payment solutions that are both convenient and secure," Gabrielle Bugat, head of financial service solutions at G+D Mobile Security, said in the release. "Credit Agricole is ringing in this future now with our biometric card solution that ensures at all times the protection of the user through Security by Design," 

The Munich-based mobile security firm is part of the Glesecke+Devrient Group. 

Topics: Card Brands, Mobile Apps, Mobile Banking, POS, Region: EMEA, Security

Companies: MasterCard

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June 26, 2019

NuData Security, a Mastercard subsidiary, announced that co-founder Christopher Bailey has been named chief executive officer, succeeding Michel Giasson, who is retiring as CEO after 12 years, according to a company release. 

Bailey, who was senior vice president and chief technology officer at NuData, was also named executive vice president of EMV/Digital Devices at Mastercard. Mastercard acquired NuData in 2017, about 10 years after the biometrics firm was founded. 

Bailey is responsible for NuData's strategic vision and direction of user verification intelligence, as well as overseeing Mastercard's digital device division, including the creation of an integrated security path with EMV. 

Ajay Bhalla, president of cyber and intelligence at Mastercard, said effective user verification has become a critical issue. 

"Christopher's diverse experience and deep security expertise will allow us to further scale NuData while leveraging our technologies and products to transform the digital payment experience," Bhalla said in the release. 

Topics: Card Brands, Security

Companies: MasterCard

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