Nearex, a Singapore-based mobile micropayment start-up, has received second round of funding from a clutch of existing investors led by Tata Capital Growth Fund LP.
However, the amount of the investment was not disclosed.
Nearex's existing investors, BEENOS Asia, a Japanese company with extensive payment industry investments around emerging markets and Xinvesco also participated in the funding, it said in a statement.
Nearex is a privately held company with investment from individuals and industry and was founded by mobile technology industry veterans Mayank Sharma and Arun Tanksali in 2012 to overcome the challenge of cashless micropayments.
Its XIP solution offers merchants XipPOS, a low cost credit card sized mobile point of sale device and consumers with XipTAG, a secured contactless card or a sticker.
XIP system integrates with existing mobile wallet services and can be offered by mobile money service providers or other financial institutions to create a payment network at low-cost, Nearex said in the statement.