MagicCube Raises $10 Million, Adds Verifone as Strategic Investor to Push Beyond Tap-to-Phone

New updates have been reported about MagicCube.

MagicCube has secured $10 million in new committed funding to extend its software-based security platform beyond tap-to-phone payments into biometrics, digital identity, and AI-driven device protection, positioning the company to play a broader role in securing next-generation commerce and connected devices. The round brings in Verifone as both a strategic investor and technology partner, alongside continued backing from Bold Capital, Mosaik Partners, ID Tech, and a large EMEA-based investor to be named at second close. Founded in 2014 and based in Cupertino, MagicCube has built its business around Software Defined Trust (SDT), a software-only trusted execution environment (sTEE) that delivers hardware-grade security on standard mobile and IoT devices without dedicated security chips, enabling lower-cost, faster-to-market secure solutions for banks, merchants, and service providers.

The company plans to deploy the new capital to accelerate R&D in software-based trust technologies, enhance its AI-enabled security capabilities, and deepen integrations across global payments and identity ecosystems, including expanded work with Verifone. MagicCube’s core platform underpins its i-Accept product, which transforms consumer-grade smartphones and tablets into compliant contactless payment terminals and is already in use by major acquirers and financial institutions such as JPMorgan Chase, Global Payments, Fiserv, and Dojo by Paymentsense. CEO Sam Shawki and CTO Nancy Zayed frame this round as a pivot from a payments-centric model to a broader trust infrastructure play spanning identity verification, biometrics, IoT, and AI-secured edge computing, with the goal of providing partners and merchants with scalable, chip-free secure environments across phones, vehicles, and other connected endpoints. Verifone’s participation signals potential commercial scale-up for MagicCube’s technology across newer commerce form factors, with implications for recurring platform revenues and deeper embedding in both payment and identity workflows.