A mobile ticketing company for public transport, aiming to get rid of paper tickets across the world, has raised $12 million.
British start-up Masabi builds mobile ticketing and fare collection apps for public transit authorities including in cities such as Boston and Las Vegas. It allows people to buy train tickets, for example, via an app and lets conductors check the tickets using their own mobile phone.
Investors including Keolis, which operates public transport in 15 countries, and Mastercard were involved in the funding round. Lepe Partners and existing investor MMC Ventures, also took part in the round.
Ben Whitaker, Masabi's co-founder, said the company is aiming to save people time by getting rid of queues and paper tickets.