Founder of Tappr Brett Hales has secured over $400,000 in capital for his innovative mobile payment venture, set to be backed by some of Australia’s leading financial institutions.
Set to launch its B2B device (Tappr Juvo) in December this year, Tappr will allow retailers to take contact, contactless and magnetic swipe payments using a smart phone or tablet from a broader range of cards than any other third party device on the market.
CEO Brett Hales said it was Tappr’s impressive technology mix and security encryption that caught the attention of big banks and investors
“Tappr Juvo combines a traditional Magnetic Strip Reader (MSR), Near Field Communications Technology (NFC) and an EMV chip reader with advanced security encryption that allows the retailer using it to take secure payments from just about any major credit card in the world,” Hales said
“Our devices have been developed for one of the world’s most stringent regulatory environment-Australia. They have the potential to set a world standard for payment and identity security. Our goal is to set a global benchmark in this area,” he said.
“We have already formed partnerships with some large Australian financial institutions and will be able to disclose more detail about the nature of these relationships in the near future.”
Hales started the venture on a capital of just $18,000, before securing $420,000 from seed investors, a Research and Development grant from the Australian Taxation Office and is currently negotiating a potential capital injection of over $2 million with an international investment firm.
Managing Director of Australian company Pyxi Apps, Kerry Esson, has joined Tappr as Co-Founder and CIO, with Management of Pyxi Apps holding an eight per cent interest.
Tappr has a national growth strategy that aims to populate 13,000 devices within the first 12 months of operation.
Hales said the company would also launch a consumer application (Tappr Nero) at the beginning of next year – a virtual wallet allowing people to manage their money, accommodate gift and membership cards and make transactions in real-time.
“The consumer application project will look at incorporating facial recognition technology ensuring safe and secure transactions”, he said.