Masabi says the capital will accelerate the global expansion of its Justride platform, which removes the need for passengers to buy a ticket, instead allowing them to tap a contactless bank card, mobile phone or smartcard to travel.

Following integration with transport providers including Uber, Transit, Jorudan and Keolis, Masabi is also on target to exceed $US 1bn in annual transit ticketing sales over the coming year.

“With over 85 million journeys enabled by the Justride platform in 2018 and partnerships with some of the biggest names in mobility, Masabi is already a category leader and the opportunities for global growth are significant,” says Smedvig managing director, Mr Jonathan Lerner. “The combination of Masabi’s track record of customers, innovation and technology made this investment decision one we feel extremely enthusiastic about and we are excited about working closely with them to accelerate their global expansion.”

“As we enter a new phase, having the support of Smedvig Capital, MMC Ventures, Mastercard and our other investors means we can continue to drive the market forward and help ever more cities and transit operators around the world embrace the latest in ticketing and payments technology and the future of practical mobility as a service (MaaS),” says Masabi CEO, Mr Brian Zanghi.