From the Wires
SALT Technology, Inc. Secures $2M in Funding to Accelerate Development of Its End to End Mobile Payments Platform
Fully Subscribed Financing Accelerates Delivery of SALT Platform and Expansion of San Francisco and London Based Team
Jan. 28, 2013 05:50 AM
SAN FRANCISCO, CA -- (Marketwire) -- 01/28/13 -- SALT Technology, Inc. (www.salt.com), provider of the mobile payments industry's most complete, cloud-based mobile payments platform, today announced that it secured $2M in financing from private investors with deep roots in the mobile, financial and payments technology sectors. The infusion of resources will be used to accelerate the development and delivery of the SALT Payment Platform, SALT Personal Payment Profile, and SALT Merchant Services that enable MNOs, financial institutions and merchants to bring branded mobile wallets to market quickly, on any device, and with any payment type.
"We have had tremendous interest from strategic investors who are desirous of seeing a more rapid evolution of real, scalable solutions for the mobile payments market," said Brian A. Bogosian, Chairman, CEO and President of SALT Technology, Inc. "According to analysts, 36% of consumers are ready to make mobile payments their standard payment method today, but the market lacks solutions that make the process easy for them. Additionally, MNOs, financial institutions and merchants strive, at great cost, to make mobile payments a reality in their environments. Still, the mobile payments market is expected to reach $90B by 2017 in the U.S. market alone*. Our innovative platform and integrated merchant solutions help to make mobile payments a reality for our partners, and for consumers, whether they wish to support NFC-based, peer-to-peer, or mobile browser-based payments. Clearly, our new investors are well aware of the credibility of this management team and recognize the opportunity for us to lead a large market and we look forward to working with them as we execute on this potential."
The SALT Payment Platform makes it possible to bring mobile payment alternatives such as NFC, cloud-based, or even remote QR code-based payment products to market within a fraction of the time and cost required by existing approaches. The company's solution is being sought by leading MNOs and financial institutions in the U.S. and in Europe. The first implementations of the platform are scheduled to be in market this year.
In addition to the SALT Payment Platform, the company offers a patent-pending solution for a single, secure, universal payment credential for consumers. This credential, called the SALT Personal Payment Profile, represents a variety of payment types, including credit and debit cards, loyalty cards and even tickets or transit tokens in a secure mobile "wallet" application. The mobile application is powered by SALT, but branded by the MNO, financial institution or merchant. SALT is payment factor agnostic and allows consumers to purchase goods and services on their mobile device.
Bogosian concluded: "We are pleased to have an esteemed group of individuals support us as we emerge as a leader in the mobile payments marketplace. We look forward to using this initial closing to bring game-changing mobile payment technology to market quickly."
About SALT Technology, Inc.
SALT Technology, Inc. is based in San Francisco, with offices in London and Toronto. Insiders and an impressive list of private investors, formerly from organizations including Apple and PayPal, have provided initial financing for the company. SALT Technology, Inc. owns several patented and patent-pending technology innovations that comprise the foundation of the company's product line. The SALT Payment Platform is an elegantly simple payment infrastructure that allows financial institutions, merchants and MNOs to bring branded mobile wallets to market quickly, on any device, and with any payment type. The SALT mobile wallet application establishes a highly secure SALT Personal Payment Profile for each consumer, and can contain any credit, debit, gift, loyalty card, transit token or ticket that can be used online or at the point of sale. SALT supports consumers' evolving digital lifestyles with simple, secure, convenient mobile payment options for consumers, and provides new revenue opportunities for the companies who serve them. To learn more about SALT Technology, Inc., please visit http://www.salt.com.
*Forrester Research, January 2013
All brand names referenced in this document are the sole property of their owners.
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