SALT Technology Secures $2M Funding, Expects Mobile Payments to Increase

SALT Technology Secures Financing

SALT Technology, provider of cloud-based mobile payments platform for the mobile payments industry, announced today that it secured US$2M in financing from private investors in mobile, financial and payments technology sectors.

The resources will be used to speed up the development and delivery of SALT Technology’s SALT Payment Platform, SALT Personal Payment Profile, and SALT Merchant Services, that allow mobile network operators (MNOs), financial institutions, and merchants to deliver branded mobile wallets to market quickly, on any device, and with any payment type.

“We have had tremendous interest from investors who desire to see a more rapid evolution of real, scalable solutions for the mobile payments market,” says Brian A. Bogosian, chairman, CEO, and president of SALT Technology, in a press release.

Increasing Trend in Mobile Payments Sector

There is an increasing trend in the mobile payments sector. According to analysts, 36% of consumers today are ready to make mobile payments their standard mode of payment. However, the market is lacking solutions to make the process easy for them. In addition, MNOs, financial institutions and merchants strive to make mobile payments a reality for consumers.

The mobile payments market is expected to reach US$90B by 2017 in the U.S. market alone. In response to this, SALT Technology is capitalizing on this opportunity to make mobile payments its partners and consumers.

“Whether they wish to support NFC-based, peer-to-peer, or mobile browser-based payments, our new investors are well aware of the credibility of this management team and recognize the opportunity for us to lead a large market and we look forward to working with them as we execute on this potential,” adds Bogosian.

Mobile Payment Alternatives

SALT Technology’s new platform, Salt Payment Platform, brings mobile payment alternatives which include near-field communication (NFC), cloud-based, or even remote quick response (QR) code-based payment products to market much faster and cheaper when compared to existing approaches. This simplifies mobile payments of consumers via any payment type or mobile device. The company expects to implement this platform in the market this year.

Together with the SALT Payment Platform, the company offers its consumers a patent-pending solution for a single, secure, universal payment credential for consumers. This credential is called the SALT Personal Payment Profile, represents a variety of payment types, including credit and debit cards, loyalty cards and even tickets or transit tokens in a secure mobile “wallet” application.

The mobile application is powered by SALT, but branded by the MNO, financial institution or merchant. SALT is payment factor agnostic and allows consumers to purchase goods and services on their mobile device.

Game-Changing Mobile Payment Technology

“We are pleased to have an esteemed group of individuals support us as we emerge as a leader in the mobile payments marketplace,” says Bogosian. “We look forward to using this initial closing to bring game-changing mobile payment technology to market quickly.”

SALT Technology is based in San Francisco, with offices in London and Toronto. Insiders and an impressive list of private investors, formerly from organizations including Apple and PayPal, have provided initial financing for the company. It owns several patented and patent-pending technology innovations that comprise the foundation of its product line.