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Mobile Payments

Mobile payments startup ToneTag raises USD 1.33 mln in fresh funding

Friday 12 January 2018 | 11:09 AM CET

Naffa Innovations, which operates mobile payments technology platform ToneTag, has raised USD 1.33 million in a fresh round of funding.

The company raised the amount from an overseas investor; currently, it is not clear whether this is part of a larger funding round.

In 2015, the startup raised USD 1 million from Reliance Venture Asset Management, the venture capital arm of Reliance Capital Ltd, while in November 2016, it announced an undisclosed amount of funding raised from investors that included Nasscom foundation trustee Arun Seth.

ToneTag enables mobile payments using sound (tone) and near-field communication (NFC) tags, enabling any mobile device to make payments without Internet. It integrates its proprietary software development kit at both merchant (mobile, point-of-sale) and customer interaction points (m-wallet, m-banking apps). 

ToneTag works on all mobile devices, including feature phones, and does not require any capital investment in existing infrastructure. Besides payments, it also offers location-based services and proximity-based consumer engagement solutions. The company’s technology can also be used for contactless money withdrawals from ATMs, cashless payments at toll plazas and parking, and mobile payments at railway ticket counters.

More: Link
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