eWise, a company that allows people to to make secure online payments, today announced it has secured a second round of funding for $14 million.
The funding will be used to expand Secure Vault Payments, the company’s payment technology, in the U.S. as well as develop a new mobile payments tool for later this year.
The company’s technology provides consumers with a quick and easy way to pay online without having to give out any personal information, including a credit or debit card. Working through a bank’s website, customers can authorize a payment using a login and password, and the money is then deducted from their account.
For banks and merchants, the tool offers real-time authorization of funds and guaranteed payments. eWise has several big name financial institutions on its roster, including HSBC, Westpac and Ping An.
Most notable competition for eWise includes online payments giant PayPal, which also enables consumers to pay for online purchases and businesses a payment tool.
Wellington Partners led the funding round, with Balderton Capital, TTV Capital and Patagorang participating. eWise secured a first round of funding for $12 million in 2010.
The company, founded in 1999, has offices in the USA, China, Australia and UK.