The funding will be used to support deployment of the company’s technology with several rail companies in the UK, and for the development of new service features. It will also enable expansion into new markets, particularly the US.

Masabi’s technology enables passengers to buy and display tickets on almost any mobile phone, not just smartphones.

The company currently works in partnership with major transport systems integrators, including thetrainline.com and Atos, and is deployed with operators including Virgin Trains and Cross Country Trains. Further UK rail brands are set to adopt the technology in coming months, the company says in a statement.

Ben Whitaker, chief executive of Masabi, comments, ‘We have received overwhelmingly positive feedback from consumers using our mTicketing solutions, proving that mobile phones can revolutionise the way we travel.

He adds, ‘This funding and m8 Capital’s experience will be instrumental in bringing our applications to new markets, making transport mTicketing a truly global phenomenon.’

Masabi, which is based in London and has 30 employees, secured $2 million (£1.3 million) after closing a Series A funding round in September last year.