Lightspeed gives us the backing we need to grow the company at just the right time," said Doug Yeager, CEO of SimplyTapp. "They really understand the space and share our vision for the future of mobile enabled payments. We are thrilled to have them as our partner."
SimplyTapp Inc. was founded in 2011 by Doug Yeager and Ted Fifelski for the purpose of breaking down the barriers in the mobile payments ecosystem for developers. The company created Host Card Emulation (HCE) and deployed it into the CyanogenMod operating system in early 2012 to bypass the network operator's SIM card to complete a mobile payment at a point of sale terminal. Google launched HCE with the latest Android 4.4, KitKat and now uses HCE within the Google wallet implementation on the Nexus 5.
The SimplyTapp team will bring secure open innovation to developers and issuers that have been dominated by complexity," said Tim Danford of Lightspeed Venture Partners. "HCE is getting significant interest, I'm looking forward to working with the team to build a market leading company."
The company has implemented the first platform that leverages HCE for mobile payments. A main advantage of the platform is the ability to leverage existing POS hardware infrastructure without requiring merchant adaptation. The platform is open to developers and card issuers; allowing for innovation in mainstream card issuance to go beyond PayPal and Stripe. Through secure and open APIs, SimplyTapp enables developers to include HCE payments in their applications. The service automates the process of securely storing issuer's card credentials in the cloud.