Ubirider secures $1.95m in Funding to Expand Globally
Ubirider, a mobility fintech company and creator of Ubirider Platform, a digital platform for transport providers, riders and cities that helps move people, information and payments seamlessly, today announced that it has closed a seed round of funding co-lead by Techtree Investments, an investment vehicle from CTT and managed by Iberis Capital, and Cedrus R&D III, an investment vehicle managed by Cedrus Capital.
Existing investor Grupo Barraqueiro also participated, as well as two angel investors Jose Santos from the United States and Andrés Alcalá from Colombia. The $1.95 Million raised will be used to grow the company internationally and expand the product development and marketing teams to bring open mobility and banking through innovative contactless payment solutions to transit riders and operators everywhere.
With more than 11.4 Million transactions on the Ubirider Platform, Ubirider has demonstrated the high demand for digital and open-loop ticketing (use of contactless bank cards or smartphone wallets) by transport providers and cities. Open-loop capabilities deliver added value to riders by offering a seamless travel experience, enabling contactless payment and travel with a smartphone or a bank card. Data Bridge Market Research forecasts that the global mobile payment technologies market will reach $2 trillion by 2030, and is expected to undergo a CAGR of 37% during the forecast period.
The adoption of mobile ticketing and contactless bank card payments by transport providers and cities is experiencing sharp growth due to the integrated mobility trends leveraging the power and capabilities of smartphones. What Ubirider has created with its platform is unmatched. Ubirider are not only confident in the technology’s potential to quickly gain market share, but also very excited to see how it will help transform public transportation into something that people enjoy and seek out. The Ubirider team has really hit a home run with this platform.
“While the Covid pandemic all but halted the growth in the transportation market, we are now seeing a surging demand for mobile-first solutions,” said Pedro Appleton Figueira, Partner at Cedrus Capital. “Riders want to purchase, store, and manage tickets seamlessly through their smartphones, and operators need to have better insights into rider patterns and behavior in order to make the best business decisions to better serve their customers. The team at Ubirider has been exceptionally thoughtful and visionary in creating a solution that addresses the needs on both sides and we are thrilled to be a part of their next phase of growth.”
With the help of Mastercard, Ubirider has been able to successfully deploy its innovative platform with contactless payments in various public transit agencies in the Portuguese cities of Lisbon, Evora, Faro and Beja. Those implementations, combined with the implementation of the mobility-as-a-service (MaaS) platform of the city of Cascais has resulted in nearly 300,000 registered users and 2.1 million tickets sold. Strategic partnerships with Mastercard, PayShop and others are enabling Ubirider to be one of the most innovative players and to continue growing its customer base, delivering the most sophisticated MaaS platform to serve both riders and transit operators.
“We invested in Ubirider for the first time in July 2019 and we are now investing again, because, over these years we have seen Ubirider’s team passion, commitment and dedication to excellence to develop digital products for agencies and travelers that go beyond just great tech and also provide an optimal user experience,” said Artur Pedrosa, Director of the Board at Grupo Barraqueiro. “Ubirider Platform has a smart design that is simple yet powerful, meeting the needs of several different stakeholders inside a transportation agency: managers, dispatchers, fare collection, sales & marketing, finance, payments, etc. Grupo Barraqueiro is not just an investor, it is also a happy customer. We see with great satisfaction and pride the start of Ubrider’s internationalization, so other transportation companies can, like us, benefit from the powerful Ubirider Platform.”
“Facing the pandemic was challenging to say the least for a company focused on the mobility market, but our team and our sole investor (at the time), Grupo Barraqueiro, believed in our mission and persevered to create the most complete, flexible and robust mobility platform on the market,” said Paulo Ferreira dos Santos, CEO and Founder of Ubirider. “The positive customer feedback we’ve received drives us to continue innovating to enable the most convenient, seamless travel experience for riders, but also to offer agencies of any size an affordable and powerful digital platform that will maximize operational efficiency.”
The Ubirider Platform is redefining the standard for state-of-the-art open-loop ticketing and payment systems. Ubirider is not only making the transportation experience significantly better, more integrated and simpler for people, but it is also empowering transit and mobility operators to gain meaningful real-time data and insights into travel trends that will enable them to be nimble enough to adjust their networks to satisfy citizens’ and business’ needs, all while being more sustainable.
Ubirider has built the mobility-as-a-service app Pick for riders and the cloud and smartphones-based Ubirider Platform for agencies. The mobile app Pick allows users to plan door-to-door travel, pay and ride to all destinations, everywhere, using the best transport combination. It is available in the Apple App Store, Google Play and Huawei AppGallery.
