Masabi

What Masabi does

Masabi provides enterprise-grade Software-as-a-Service fare collection and mobile ticketing for public transport agencies and operators worldwide. The company's flagship product, Justride, is a cloud-native Account-Based Ticketing platform that supports multiple fare media within a single architecture, including mobile barcodes with cryptographic signatures, contactless EMV open payments (Apple Pay, Google Pay, Samsung Pay), smart cards, and Mobility-as-a-Service integrations via a comprehensive suite of APIs and SDKs. The platform also includes Justride Hub for back-office agency services, the Inspect Validation Suite for on-vehicle fare verification, and a tiered product structure (Justride Express for rapid turnkey deployment and Justride Enterprise for complex large-agency integrations).

The company sells on a quote-based, multi-year SaaS subscription model priced per deployment, targeting government transit agencies, metropolitan transit authorities, and regional transportation districts. Go-to-market combines direct enterprise field sales with a channel partner network of over 100 integrators, regional distributors (e.g., Ibergex in Mexico, Plexus Tech in Spain), and implementation consultancies (e.g., WSP in Canada). The company is trusted by 200+ agencies and operators across eight to nine countries spanning North America (US, Canada), Europe (UK, Spain, Italy), and Oceania (Australia).

Masabi is privately held and headquartered in London, with operations across the US and additional European geographies. It has raised approximately $40-50 million in cumulative venture and growth equity across multiple rounds from 2010 through 2022, with investors including Accel-KKR (lead of the 2022 strategic growth round), Shell, Smedvig Capital, MMC Ventures, Updata Partners, Fontinalis Partners, and Mastercard. In February 2026, Masabi acquired Passenger Technology Group Ltd to extend its offering into white-label mobile applications and real-time passenger information tools. Anchor customers include the New York MTA ($97M, 12-year contract extension), ARTM Montreal (146M CAD budget), Denver RTD, and National Express West Midlands.

Name

Masabi

Legal name

Masabi Ltd

Website

https://masabi.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Short description

Masabi provides the Justride Fare Payments-as-a-Service platform, an enterprise-grade SaaS for mobile ticketing, open payments, and account-based fare collection used by 200+ public transport agencies and operators across North America, Europe, and Oceania.

Ownership category

akta.pro rank

Product category

Public Transit Fare Collection Software

NAICS

Transit and Ground Passenger Transportation (485)

akta.pro primary industry

Account-Based Ticketing (ABT) Platforms (THAIAMAA)

akta.pro secondary industries

Open-Loop EMV Contactless Fare Payments (THAIAMAD), Concessionary, Student & Employer Pass Programs (THAIAMAI), Public Transit MaaS Integration Platforms (GTFS/RT, APIs, Real-Time Ops Feeds) (THADALAE)

Keywords

• Fare collection platform
• Mobile ticketing solutions
• Account-based ticketing
• Public transit payments
• Contactless fare payments

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Fare Payments-as-a-Service (FPaaS) Subscription: SaaS subscription model for fare collection platform access. Transit agencies and operators pay for platform usage, implementation, and ongoing support. The model provides continuous updates, cloud-native infrastructure, and modular functionality that can scale with agency needs.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels6 records

Core offering

Masabi provides the Justride platform, a cloud-native enterprise SaaS for public transit fare collection that supports Account-Based Ticketing, Open Payment (cEMV), Mobile Ticketing, Smart Card, Barcode, and Mobility-as-a-Service capabilities delivered via APIs and SDKs. The platform is sold to transit agencies and operators as a Fare Payments-as-a-Service subscription, with sub-products covering rider mobile apps, agency back-office services, and validator hardware/software for fare inspection.

Product overview

Masabi offers Justride, a Fare Payments-as-a-Service platform for public transport fare collection. The platform consists of the core Justride Platform supporting Smart Card, Open Payment (cEMV), Mobile Ticketing, Barcode, and Mobility-as-a-Service solutions. It is complemented by sub-products including Justride Mobile Ticketing for passenger smartphone tickets, Justride Hub for agency back-office services, Inspect Validation Suite for fare verification, Justride Express for rapid turnkey deployment, and Justride Enterprise for advanced large-agency solutions. The platform is pre-integrated with validators, apps, payment gateways, and acquiring banks. Following the April 2026 acquisition of Passenger Technology Group Ltd, Masabi also offers Passenger-branded white-label mobile applications and real-time information tools.

Differentiator

Problem solved

Functional benefit

Products and services

• Justride Platform Cloud-native, enterprise-grade Account-Based Ticketing platform for transit agencies that delivers Smart Card, Open Payment (cEMV), Mobile Ticketing, Barcode and Mobility-as-a-Service capabilities via a comprehensive suite of APIs and SDKs. It is sold to public transit agencies and operators as the core Fare Payments-as-a-Service product.
• Justride Mobile Ticketing Mobile ticketing solution that enables passengers to purchase and display transit tickets on smartphones, with digitally signed dynamic barcodes for authentication. It is sold to transit agencies for passenger-facing mobile ticketing deployments.
• Justride Hub Agency services platform providing back-office fare collection management, payment processing, and account management capabilities for transit authorities and operators. It is sold to agencies for operational management of fare systems.
• Inspect Validation Suite Validator and inspection solution for fare verification, supporting barcode scanning with read times up to 50ms per scan for on-vehicle and on-platform ticket validation. It is sold to transit agencies for fare inspection operations.
• Justride Express Ready-to-go turnkey contactless ticketing solution pre-integrated with validators, apps, payment gateways, and acquiring banks for rapid deployment, targeted at agencies wanting faster implementation than the Enterprise tier.
• Justride Enterprise Advanced, secure, and flexible back-office solution for larger agencies and operators, utilizing extensive APIs and SDKs for system integration and modular expansion of complex transit operations.
• Passenger (white-label mobility apps) White-label mobile applications, websites, and real-time passenger information tools acquired from Passenger Technology Group Ltd and integrated with the Justride platform, sold to public transport authorities and operators.

Quantifiable outcome

• 42 major ticketing system upgrades delivered in 2024; 54 projects completed by mid-2025
• +3 more outcomes

Named customers15 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Six partnerships are on record, tiered major.

• WSPmajorImplementation/ SI/ Consulting Partner · 1 July 2025Global engineering consultancy WSP is collaborating with Masabi on the ARTM Concerto project in Montreal. WSP provides engineering expertise while Masabi provides the Justride platform for fare collection system modernization.
• Plexus TechmajorStrategic or Co-development PartnerCollaborated with Masabi on the Galicia regional Account-Based Ticketing system launch in Spain. Plexus Tech served as local technology partner for the multi-operator ABT implementation covering over 50% of Galicia's transport network.
• IbergexmajorChannel Partner/ Reseller/ DistributorStrategic partnership established to implement Fare Payments-as-a-Service (FPaaS) in the Mexican public transport market. Ibergex serves as the primary channel partner for Masabi's expansion into Mexico.
• Société de transport de Montréal (STM)majorStrategic or Co-development PartnerSTM is a key partner in the ARTM Concerto project, one of the major transit operators in Greater Montreal whose systems are being updated as part of the fare collection modernization.
• Réseau de transport de Longueuil (RTL)majorStrategic or Co-development PartnerRTL is one of the transit operators involved in the ARTM Concerto project, with systems being modernized under the comprehensive fare collection overhaul.
• Société de transport de Laval (STL)majorStrategic or Co-development PartnerSTL is participating in the ARTM Concerto project, with their transit systems being updated as part of the regional fare collection modernization initiative.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Cubic Transportation Systems: Long-standing incumbent in transit fare collection, now part of Thales, supplying back-office, validators, and account-based systems to major agencies worldwide. Most direct competitor to Masabi in the ABT and open-payment modernization space.
• INIT Innovations in Transportation: European-headquartered vendor of integrated fare collection, ABT, and transit management systems. Directly comparable to Masabi in selling modular, software-led solutions to public transport operators.
• Scheidt & Bachmann: German fare collection specialist with installed base across European rail and urban transit. Directly competes with Masabi's Justride in ABT and open-loop payment modernization deals.
• Flowbird: Smart city and transit technology vendor providing validators, back-office, and mobile ticketing solutions. Comparable to Masabi across European and North American public transport deployments.

Broad incumbents

• Conduent Transportation: Large incumbent providing fare collection, transit payment, and mobility solutions as part of a broader business services portfolio. Competes with Masabi on large multi-agency procurements and open-loop EMV deployments.
• Thales Ground Transportation Systems: Major rail and urban transit systems provider with significant fare collection capabilities inherited from Cubic acquisition. Broad incumbent alternative to Masabi for large, complex RFPs.

Emerging players

• Littlepay: Fintech-focused provider of open-loop contactless transit payment acceptance. Overlaps with Masabi's cEMV capabilities but focuses narrowly on the payment acceptance layer rather than full back-office.
• Bytemark: Mobile ticketing and fare validation platform serving transit agencies. Comparable to Masabi on the mobile ticketing and validation layer but typically smaller deployments.
• Ridango: European provider of ABT and open-loop fare collection systems for public transport operators. Emerging direct competitor to Masabi's Justride in smaller and mid-sized European agencies.

Regional players

• Indra: Spanish-headquartered IT services and transit technology provider with strong presence in Iberian and Latin American markets. Comparable regional competitor to Masabi, particularly in Spain where Masabi partners with Plexus Tech.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Masabi_com

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds8 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Masabi