MagicCube, a provider of software-based security for payments and device integrity, said it has raised $10 million in new committed funding as it expands beyond tap-to-phone into biometrics, identity verification, and AI-driven device security.
The round includes strategic participation from Verifone, alongside continued support from existing investors Bold Capital, Mosaik Partner,s and ID Tech. MagicCube also said a “major global investor” based in EMEA will be disclosed at a second closing.
Founded in 2014 and headquartered in Cupertino, California, MagicCube offers what it calls Software Defined Trust, a software approach designed to provide hardware-grade protections on mobile devices. The company’s software Trusted Execution Environment is intended to allow smartphones, tablets and IoT devices to run secure computations and protect sensitive data without specialized chips or hardware modules.
MagicCube is best known for i-Accept, its flagship tap-to-phone product that turns standard mobile devices into contactless payment terminals. The company said it works with acquirers and financial institutions including JPMorgan Chase, Global Payments, Fiserv and Dojo by Paymentsense, positioning its platform as a way for merchants and service providers to deploy payment acceptance capabilities without purchasing new hardware.
For Verifone, the investment is designed to extend secure commerce experiences across new form factors, with an emphasis on identity-verified transactions. The companies said they plan to integrate MagicCube’s technology to support broader use cases across payments, identity and secure computing at the edge.
MagicCube said it will use the new capital to accelerate R&D in software-based trust technologies, strengthen its AI security offerings and deepen integrations across global payment and identity ecosystems.
KEY QUOTES:
“With this round and with Verifone joining as both an investor and partner, we are moving beyond payments into securing the next era of digital identity, IoT, and AI-driven computing. Our mission is to make trusted environments available anywhere — from phones to cars to connected systems at the edge.”
Sam Shawki, CEO and Co-Founder, MagicCube
“Our mission is to give our partners, their merchants, and their ISVs peace of mind, knowing they are using the most advanced technology to secure the digital experiences they deliver to their end users—pure software with hardware-grade security and global scalability. This is the fastest path to delivering trusted digital services—not just for payment acceptance, but also for identity, biometrics, and AI-driven edge security at global scale.”
Nancy Zayed, CTO and Co-Founder, MagicCube
“Our investment in MagicCube expands our ability to serve clients seeking secure, identity-verified commerce across new and emerging form factors. By integrating MagicCube’s technology, Verifone can bring trusted innovation to every step of the digital commerce experience.”
Prasanna Narayan, Executive Vice President and Head of Product, Verifone
