eWise develops a payments technology, called Secure Vault Payment, that allows users to automatically deduct a payment from their bank account without disclosing their personal information to online businesses. Payments are processed via a login and password to the bank’s site.
eWise expects that this payments technology could reach 400 million uses within 5 years. Clients include Citibank and First Direct (part of HSBC) in the UK, Ping An in China, Westpac in Australia and USBank in the U.S. The company plans to use the funding to expand further to the U.S. as well as for the development of a new mobile payments technology.