eWise, a company that offers innovative payment processing platform on a global scale and online financial management (OFM) software with operations in China, United States, and the United Kingdom, today announced that they have secured new round of funding in the amount of $12.1 million from markets in Europe, Asia and North America.
The new round of funding will be utilized to speed up the U.S. roll-out of eWise’s Secure Vault Payments which is an Online Banking ePayments (OBeP) that is governed and sponsored by the Electronic Payments Association (EPA), i.e., NACHA. Some of the funds will also be used to launch an OBeP network to support operations in the UK and to add more feature and functionality to their Personal Financial Management (PFM) operations which is located in Asia Pacific, UK and China.
According to eWise, even though no specific dollar amount were mentioned, this new round of funding was lead by Balderton Capital, the largest technology venture investor in Europe. On the list of investor are Total Technology Ventures based out of Atlanta, Georgia and Patagorang.
With this funding, eWise has taken a major step forward to support its dream of changing the way consumers pay for goods and services online by establishing a worldwide network of OBeP services.
According to Dharmash Mistry, Balderton is very excited by the boldness of the vision/dream of eWise to seek to establish a global OBeP network to allow for consumers to pay for products online using their checking or savings account with their own bank. Mistry believes that eWise has created an innovative platform to allow them to be able to accomplish this vision.
Just to delve into a bit of detail about what OBeP network is: it is a payment platform that allows for people to pay for products and services online by utilizing the network which allows for funds to be taken directly from a checking or savings account when shopping at an e-commerce website without having to give out sensitive, personal information while at the site. The benefit of an OBeP network for merchants and consumers is that the consumer is offered a faster and more secured online payment experience and merchant benefit by the having the cost of this type of transaction much lower than credit card payments and will also increase conversion rate. Banks and financial institutions benefit as well as it creates additional revenue opportunities when they establish relationships with their customers and offer them an alternative other than checks, cash, credit card payment to just pure electronic payments via their online banking account.
For more information one can vist www.ewise.com and www.balderton.com
Source: company press release via Business Wire