The company will use the funds to accelerate the US rollout of Secure Vault Payments (SVP), an OBeP (Online Banking ePayments) network sponsored and governed by NACHA, the Electronic Payments Association. eWise will also launch and support operations of an OBeP network in the UK and also expand the online Personal Financial Management (PFM) division in the UK, China and Asia Pacific.
OBeP networks enable consumers to make payments for goods and services online. Using the OBeP network, they are directed to their own online bank accounts via the merchant’s website and pay for goods or services without having to disclose their personal information to online businesses. Payments are processed via a login and password to the bank’s site.
The funding round was led by Balderton Capital, a European technology investor. Other major investors include Atlanta based Total Technology Ventures, Patagorang, led by Mr. Roger Allen and Mr. Stanley S. Shuman of Allen & Co.
eWise operates in the US, UK, China and Australia and expects the number of users of its leading PFM solution to grow by 50% in 2010. Clients include Citibank and First Direct (part of HSBC) in the UK, Ping An in China and Westpac in Australia.
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