CVentures, CIB’s Venture Capital Arm Invests in MagicCube’s Contactless SoftPos Platform
MagicCube, the creator of the world’s only Software Trusted Execution Environment platform, announced that CVentures, Commercial International Bank’s (CIB) VC arm has made an investment in MagicCube, joining a group of investors led by Bold Capital, Epic Ventures, Sony, NTT Data, Azure Capital, Visa Inc., and Luqman Weise Capital. Last year MagicCube was awarded the first certification of a software-based Trusted Execution Environment issued by EMVCo, the consortium owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa.
“We have been hard at work for the past two years developing an entirely new category in an industry where standards have been dominated by hardware,” said MagicCube Co-founders Nancy Zayed and Sam Shawki. “We are delighted to see VC firms of large acquiring banks like CIB supporting the new paradigm of mobile and IoT device security that we call Software Defined Trust (SDT). As always, when software replaces hardware, everything becomes downloadable and upgradable, enabling the market to grow exponentially.”
Recommended AI News: Cloudera Announces Change to Location and Format of 2020
Global and regional leaders of the financial industry are taking notice of MagicCube’s innovative, new approach in a space currently dominated by major hardware security vendors. MagicCube’s recent wave of funding reaffirms that software-based security is not only possible, but the future mobile of IoT device security at large.
“Hardware-based security has prevented banks and progressive retailers from trading archaic POS systems for modern, user-friendly consumer devices able to scan cards, digital wallets, and QR codes” said Shady Tadross, Director at CVentures. “We are excited at the prospect of working closely with MagicCube, and look forward to supporting the founders in democratizing payment acceptance as applications secured by their unique SDT approach represent the next natural step for point-of-sale payments” added Shady Tadross.
In addition to securing funding from the venture arm of Egypt’s largest private sector bank, MagicCube also announced the deployment of a joint product offering with areebaBank, the leading issuing and acquiring services provider to banks, financial institutions, merchants and retailers in the Middle East.
MagicCube is currently primed to disrupt the legacy payment terminals market, a 48 billion dollar a year industry that merchants and banks are forced to participate in. With MagicCube’s technology, these businesses can now forgo buying and subsidizing expensive, single-function card acceptance devices, and instead use apps secured by MagicCube to facilitate accepting point-of-sale payments.
After being named to Network World’s ’10 Hot IoT Startups to Watch’ List, heralded as a Cool Vendor in Security and Risk Management by Gartner, and partnering with the PCI Security Standards Council, MagicCube is positioned to lead the SDT category, disrupting the current dominance of hardware based security.
Recommended AI News: Kibo’s AI-Based Personalization Drives 80% Conversion Rate Increase for Room & Board