Contactless payment system provider ViVOtech raises US$24 Million

ViVOtech, a software and hardware provider of contactless payment systems for companies like Google, closed their Series C funding recently, raising US$24 million (S$ 29 million) which will be used for growth and expansion as it is poised to make forays into more countries beyond the current 35.

Singapore’s EDBI, Singtel Innov8 and Motorola Solutions Venture Capital, which contributed to this round of funding, join Alloy Ventures, Citi Ventures, Draper Fisher Jurveston, DFJ Gotham, First Data Corporation, Miven Ventures, Motorola Mobility, Nokia Growth Partners and NCR as ViVOtech investors.

Recently, ViVOtech participates in Google Wallet, shipping more than 600,000 readers in the US that are all capable of accepting Google Wallet payments.

ViVOtech provides their services to merchants, issuing & acquiring banks, wireless operators and consumers. They have also developed an end-to-end near-field communication (NFC) payment and promotion solution which allows millions of consumers to make contactless payments with radio frequency-enabled credit or debit cards, key fobs, and NFC-enabled mobile phones all over the globe.

Top: The ViVOtech 8800 payment system. Image: ViVOtech