MagicCube Secures $10 Million to Innovate Beyond Tap-to-Phone Payment Solutions

In a significant boost to its growth strategy, MagicCube, a leading company in software-based security for payments, has announced the successful raising of $10 million in funding. This new round of investment will accelerate the company's expansion beyond its flagship tap-to-phone technology, venturing into innovative domains such as biometrics, identity verification, and AI-driven device security. The noteworthy participation of Verifone, a global leader in payment solutions, highlights the strategic importance of this partnership for both companies.

Founded in 2014 and based in Cupertino, California, MagicCube has continuously pushed the boundaries of security technology. The company’s primary offering, known as Software Defined Trust (SDT), delivers hardware-grade protection for mobile devices solely through software. This revolutionary technology enables secure computations and data protection on smartphones, tablets, and IoT devices without necessitating specialized hardware components.

The inclusion of Verifone as both a partner and investor marks a new chapter in MagicCube's mission to secure the next era of digital identity and connected systems. According to Sam Shawki, the CEO and co-founder of MagicCube, this investment fosters an environment where trusted services can proliferate across various devices, ranging from mobile phones to connected automobiles. “Our goal is to make trusted environments available anywhere,” said Shawki, emphasizing the company's forward-looking vision.

Nancy Zayed, CTO and co-founder, further elaborated on the company’s mission to instill confidence among partners and clients by leveraging advanced technology that provides unmatched security for digital transactions, not just limited to payments. MagicCube’s innovative approach, which blends software with hardware-grade security, promises scalability for businesses aiming to enhance their digital services.

The growth trajectory of MagicCube has been propelled by the success of its premier product, i-Accept®, which transforms standard mobile devices into compliant, contactless payment terminals. As a result, the company has garnered trust from major financial institutions, including JPMorgan Chase and Global Payments. The overarching platform enables merchants and service providers to adopt secure payment methods without the burden of heavy investment in new hardware.

Prasanna Narayan, Executive Vice President at Verifone, expressed enthusiasm about the partnership’s potential, stating, “Our investment in MagicCube enriches our offerings for clients now seeking secure, identity-verified commerce across various platforms. With MagicCube's technology integrated, we can enhance the integrity of the digital commerce experience at every stage.”

The funds acquired will be pivotal for enhancing research and development efforts in software-based trust technologies. This initiative aims to fortify MagicCube’s offerings in AI security while deepening their integration within global payment and identity frameworks.

As MagicCube embarks on this new phase, it remains committed to safeguarding sensitive data and transactions across diverse industries. The patented Software Defined Trust (SDT) platform is already being utilized by leading financial institutions globally, providing the much-needed backbone for secure payment acceptance and trusted computing capabilities without the reliance on additional hardware.

In conclusion, with the infusion of $10 million in funding and the strategic alliance with Verifone, MagicCube is poised to make significant strides in the technology sector, paving the way for innovative solutions in identity and digital security. For more information on MagicCube’s cutting-edge products and future developments, interested parties can visit the official website at www.magiccube.co.