MagicCube
Category: AI in Fintech
Software-based security platform (Software Defined Trust) that turns everyday smartphones and tablets into secure payment acceptance and device-protection environments without extra hardware. MagicCube was founded in 2014. The company is led by Sam Shawki. Based in Santa Clara, California, United States. Team size: 11-50. Total funding raised: $46M. Latest round: Venture Round. Key investors include Bold Capital Partners, Mosaik Partners, ID Tech, Epic Ventures, Verifone, e& capital, Visa, Azure Capital Partners.
- Founded
- 2014
- Headquarters
- Santa Clara, California, United States
- Team size
- 11-50
- Total funding
- $46M
Value proposition
Eliminates the need for hardware-based secure elements (TEE/TPM/SE) by delivering hardware-grade security purely in software, enabling any consumer device to become a secure payment terminal or protected endpoint.
Products and solutions
i-Accept (tap-to-phone/SoftPOS payment acceptance), i-Accept Cloud (cloud-based acceptance platform), MC Token Shield (mobile payments security), MagicCube Vehicle Shield (connected car security), Software Defined Trust (sTEE) core platform, miniCloud HSM-based remote management.
Unique value
Patented software TEE (sTEE) delivers hardware-grade protection with none of the deployment constraints of physical secure hardware β remotely updatable, device-independent, deployable via a single API.
Target customer
Acquiring banks, payment processors, POS/fintech providers, merchants, and OEMs in connected vehicles, IoT and mobile device security.
Industries served
Fintech/Payments, Connected & Autonomous Vehicles, IoT & Mobile Security, Transportation & Ticketing, Medical Devices, Defense/Government.
Technology advantage
Patented Software Defined Trust (sTEE) architecture; certified for Tap to Pay across Visa, Mastercard, Amex, Discover; hardware-independent deployment model enabling rapid scaling across millions of devices.
How they differentiate
Pure software-based security (no hardware secure element required) vs. competitors relying on dedicated hardware readers or chips; positions itself as a horizontal security layer usable beyond payments (biometrics, identity, connected vehicles, AI-driven device protection).
Main competitors
Block (Square), SumUp, Lightspeed Commerce
Key partnerships
Verifone (strategic investor/partner and prior customer), e& capital, ID Tech (global SoftPOS/PIN partnership), ACI Worldwide (Tap to Pay for mid/large retailers), Dojo / Paymentsense (i-Accept UK/Ireland), Visa (strategic investor; SoftPOS/Tap to Phone), card network certifications Visa/Mastercard/Amex/Discover
Notable customers
JPMorgan Chase, Global Payments, Fiserv, Dojo (Paymentsense), Verifone
Major milestones
2021: Launched i-Accept Cloud, first open cloud-based SoftPOS acceptance platform, 2021: Raised $15M Series C, total funding to $30M, 2026: Raised $10M new round (Verifone as strategic investor, e& capital lead) to expand beyond tap-to-phone into biometrics, digital identity, and AI-driven device protection.
Market positioning
Challenger in SoftPOS/tap-to-phone payment acceptance market, expanding from payments into broader device-security and digital-identity/AI trust platform.
Geographic focus
Primarily US-based with global merchant/bank deployments (including Brazil); competing in the global SoftPOS market.
Patents and IP
Patented sTEE (software Trusted Execution Environment) technology referenced across company materials and press.
About Sam Shawki
Head of Visa's Global Remote Payments business unit; founding executive team member at Obopay (global mobile payments pioneer); multiple prior startup leadership roles in payments/fintech innovation.
Latest news about MagicCube
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Official website: https://www.magiccube.co