eWise develops a payments technology called Secure Vault Payment that allows users to automatically deduct a payment from their bank account without disclosing personal information to online businesses. Payments are processed via a login and password to the bank’s site. The company counts clients including Citibank, First Direct (part of HSBC), Ping An, Westpac and USBank. eWise expects the technology could reach 400 million uses within five years. The company plans to use the funding to expand further to the U.S. and to develop a new mobile payments technology. This round brings eWise’s total funding to over $26 million. eWise builds a Secure Vault Payment system that allows users to automatically deduct payments from their bank accounts without revealing personal information to online merchants. Payments are processed via the user’s login and password to their bank’s site. The company says the technology could reach 400 million uses within five years. Clients include Citibank, First Direct (part of HSBC), Ping An and Westpac. eWise plans to use the new funding to expand to the U.S. and to invest in sales and marketing. The company competes with established players like PayPal, which the article notes is growing at roughly 1 million new users per month.

Total raised

$26M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2011