Google Wallet Hardware Partner Raises $24 Million in Capital

ViVOtech, one of the software and hardware providers behind Google’s mobile payments initiative, has raised $24 million to top off its third round of funding.

New investors Singapore’s EDBI, SingTel Innov8, and Motorola Solutions Venture Capital join a handful of existing investors, including Alloy Ventures, Citi Ventures, Draper Fisher Jurveston, DFJ Gotham, First Data, Miven Ventures, Motorola Mobility, Nokia Growth Partners and NCR.

To date, the company has raised $90 million.

ViVOtech’s near field communication technology is being used by Google to enable Android users to tap their phones at registers to make a payment.

Google unveiled its mobile payments and offers initiative last month, and since then a lot of interest has poured into the space, with other companies, such as Square, American Express, Visa and others coming up with several alternatives.

The 10-year-old Santa Clara, Calif.-based company is providing the NFC-enabled point of sale readers to merchants also participating in Google Wallet. So far, the company has shipped more than 600,000 readers in the U.S., which are all capable of accepting Google Wallet payments.

The new funding will be used to expand internationally beyond the 35 countries it serves today.


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