Simplytapp

Founded in 2011 by Doug Yeager and Ted Fifelski, Simplytapp emerged as a pivotal player in the mobile payments sector by developing Host Card Emulation (HCE) technology. The founders coined the term "Host Card Emulation" in 2012 to describe a software-based architecture for conducting Near Field Communication (NFC) transactions. This approach circumvents the need for a physical Secure Element, traditionally controlled by mobile network operators and housed in a phone's SIM card, by storing card credentials securely in the cloud.

Simplytapp's core business revolves around providing this HCE technology to card issuers, such as banks, and mobile application developers. The business model is structured around charging transaction or personalization fees to these issuers when the technology is integrated into a live mobile banking or payment environment. By offering its platform and Software Development Kit (SDK) tools, the company enables developers to incorporate "tap and pay" functionalities into their applications, thus allowing financial institutions to offer mobile payment solutions directly to their customers without dependency on telecom operators.

The company's primary service is its HCE platform, which provides secure and open APIs for developers. A significant milestone was the integration of HCE technology into Google's Android 4.4 KitKat operating system, a move that validated Simplytapp's approach and spurred significant interest from financial institutions. This technology allows a mobile device to emulate a contactless card, communicating with existing point-of-sale terminals without requiring any hardware or software changes on the merchant's side. In 2016, the company launched its own consumer-facing mobile payments app called Gane, which offered instant fund access, Tap and Pay functionality, and automatic application of discount offers. The company successfully raised a Series A funding round led by Lightspeed Venture Partners and received investments from others including Verizon Ventures and Blue Sky Capital.

Keywords: Host Card Emulation, HCE, mobile payments, NFC, contactless payments, financial technology, card issuers, developer platform, payment processing, Gane