STARTUP WATCH- CIB’s VC arm CVentures has made an undisclosed investment in US-based mobile security startup MagicCube, according to a statement (pdf). CVentures joins a group of investors led by Bold Capital, Epic Ventures, Sony, NTT Data, Azure Capital, Visa and Luqman Weise Capital. “We are delighted to see VC firms of large acquiring banks like CIB supporting the new paradigm of mobile and IoT security,” MagicCibe co-founders Nancy Zayed and Sam Shawki said. MagicCube offers a software-based “trusted execution environment” for mobile and internet of things devices, allowing businesses to process secure payments and protect personal data. The company says it wants to “disrupt the legacy payment terminals market, a USD 48 bn a year industry that merchants and banks are forced to participate in.”

Making payments easier is the goal, says CVentures director Shady Tadros: ““Hardware-based security has prevented banks and progressive retailers from trading archaic POS systems for modern, user-friendly consumer devices able to scan cards, digital wallets, and QR codes.”