The investment arm of US mobile network operator Verizon has confirmed that it has taken a stake in Host Card Emulation specialist SimplyTapp.
Verizon Ventures says that it was the previously undisclosed lead investor in SimplyTapp's $5.9 million Series B round, which was first reported late last year.
Austin-based SimplyTapp developed its HCE technology for NFC payments as a way to bypass the Secure Element - which is controlled by network operators like Verizon - by storing sensitive user data in the cloud rather than the handsets' SIM cards.
Verizon pumped millions of dollars into a SIM-based mobile payments joint venture called Softcard but recently gave up on the service, selling off its technology to HCE-championing Google, which has just launched Android Pay.
Says Verizon’s Vijay Doradla about the SimplyTapp investment: "As we look towards the future of a connected society, we’re excited to support SimplyTapp as it expands its capabilities in allowing mobile devices to exchange sensitive data securely across both physical and virtual environments."