MagicCube, a provider of software-based security for payments and device integrity, has raised $10m in new funding to accelerate its expansion beyond tap-to-phone technology and into biometrics, identity verification and AI-driven device security.
The funding round includes new strategic participation from Verifone, alongside continued support from existing investors Bold Capital, Mosaik Partners and ID Tech. The round also features a major global investor based in EMEA, which MagicCube said will be announced at second closing.
Founded in 2014 and headquartered in Cupertino, California, MagicCube delivers Software Defined Trust (SDT), a technology designed to bring hardware-grade protection to mobile devices using software alone. The company’s software Trusted Execution Environment (sTEE) enables smartphones, tablets and IoT devices to run secure computations and protect sensitive data without the need for specialised chips or hardware modules.
The latest investment will support MagicCube’s move beyond its roots in payments into wider digital identity, biometrics and AI-driven security use cases. The company said the funding will be used to accelerate research and development in software-based trust technologies, strengthen its AI security capabilities and deepen integrations across global payment and identity ecosystems.
Since launching its flagship product i-Accept®, which turns standard mobile devices into compliant contactless payment terminals, MagicCube has established partnerships with major acquirers and financial institutions, including JPMorgan Chase, Global Payments, Fiserv and Dojo by Paymentsense.
Its infrastructure platform is designed to give merchants and service providers a flexible way to deploy secure and scalable payment acceptance solutions without the cost and complexity associated with new hardware.
MagicCube CEO and co-founder Sam Shawki said, “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.”
MagicCube CTO and co-founder Nancy Zayed said, “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.”
Prasanna Narayan, executive vice president and head of product at Verifone, said, “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.”
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