Ubirider Closes $1.95 Million Seed Round, Set To Disrupt Mobility Fintech Market
Ubirider, a pioneering mobility fintech company behind the Ubirider Platform, a cutting-edge digital mobility-as-a-service (MaaS) solution catering to transport providers, riders, and cities, has announced the successful closure of a seed round of funding. This funding round, totaling $1.95 million, was co-led by Techtree Investments and Cedrus R&D III, with participation from Grupo Barraqueiro and angel investors Jose Santos and Andrés Alcalá. The infusion of capital will fuel Ubirider's international expansion efforts and bolster its product development and marketing teams, with a primary focus on delivering innovative contactless payment solutions that promise to revolutionize transit experiences worldwide.
Ubirider's Ubirider Platform has already demonstrated its value with over 11.4 million transactions, showcasing the substantial demand for digital and open-loop ticketing among transport providers and cities. The integration of open-loop and MaaS functionalities offers riders a seamless travel experience, enabling contactless payments and travel using smartphones or bank cards. According to Data Bridge Market Research, the global mobile payment technologies market is expected to reach $2 trillion by 2030, with a projected CAGR of 37% during the forecast period.
Nuno Matos, Director of Digital, New Channels, and Innovation at CTT, emphasized the significance of mobile ticketing and contactless payments in urban transportation and expressed confidence in Ubirider's potential to thrive in this burgeoning market. Pedro Appleton Figueira, Partner at Cedrus Capital, highlighted the surging demand for mobile-first solutions in the wake of the Covid pandemic, underscoring Ubirider's role in meeting the evolving needs of both riders and operators.
Artur Pedrosa, Director of the Board at Grupo Barraqueiro, commended Ubirider's passion, commitment, and dedication to developing user-centric digital products for transportation agencies and travelers. He emphasized Ubirider Platform's versatility and effectiveness in addressing the diverse needs of stakeholders within transportation agencies. Meanwhile, Paulo Ferreira dos Santos, CEO, and Founder of Ubirider, expressed gratitude for the unwavering support of Grupo Barraqueiro during the challenging times brought about by the pandemic and reiterated Ubirider's commitment to delivering unparalleled travel experiences while maximizing operational efficiency.
Ubirider's strategic partnerships with industry leaders such as Mastercard, Deloitte, Payshop, and Viva.com have facilitated significant advancements in digital payment solutions for transportation. Through these collaborations, Ubirider has successfully deployed its platform with contactless payments in various public transit agencies across Portugal, resulting in nearly 300,000 registered users and 2.1 million tickets sold. The Ubirider Platform stands out as a game-changer in open-loop ticketing and payment systems, empowering transit operators with real-time data and insights to optimize their networks while delivering a more integrated and sustainable transportation experience for riders.
Additionally, Ubirider's mobility-as-a-service app, Pick, enables users to plan door-to-door travel seamlessly, pay for rides, and access the best transport options available. Available on major app stores, including the Apple App Store, Google Play, and Huawei AppGallery, Pick epitomizes Ubirider's commitment to simplifying travel and enhancing mobility for all.
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