Masabi raises funds for mobile ticketing application

7 November 2011 (Last Updated November 7th, 2011 18:30)

Masabi, a developer of mobile phone ticketing technology for the rail sector, has raised $4m from London-based m8 Capital to expand mobile ticketing deployment in the UK.

Masabi, a developer of mobile phone ticketing technology for the rail sector, has raised $4m from London-based m8 Capital to expand mobile ticketing deployment in the UK.

The company - which has already launched its services with Cross Country Trains, thetrainline.com, Virgin Trains and Chiltern Railways - said it will use the capital to support deployments with more rail companies and enhance the core technologies including NFC.

The funding will also help the company expand into new markets, particularly the US, where the company expects to see strong growth.

Mosabi's app allows passengers to buy their tickets on any phone using a credit or debit card, which they can redeem by showing the barcode to the train guard instead of printed tickets.