Passworks, S.A.

Passworks, S. A. is a mobile wallet marketing engagement platform that enhances real-time consumer interaction through digital passes, enabling brands to increase customer engagement and drive foot traffic effectively. Founded in 2014, Passworks, S.

A. operates from Lisbon, Portugal, and specializes in mobile wallet marketing solutions. The company was acquired by Fobi AI Inc. in December 2021 for an undisclosed amount.

It has engaged in 2 deals, with its latest funding round being a Seed round in which it raised USD 1. 000 mn, involving investors such as Faber Ventures and Portugal Ventures. The company was founded by Francisco Belo, who has a background in launching tech-focused ventures. Passworks is a comprehensive mobile wallet marketing engagement tool designed to facilitate real-time engagement with consumers through mobile wallets such as Apple Wallet and Google Pay.

The platform enables brands to create, manage, and distribute various digital pass types, including loyalty cards, event tickets, coupons, and membership cards, providing an all-in-one solution tailored to the needs of businesses. By utilizing location-based notifications and beacon technology, Passworks allows brands to send targeted messages and updates directly to customers' smartphones, enhancing the consumer experience and driving foot traffic to physical locations. The primary clientele includes retailers, event organizers, and service providers across multiple geographical markets, including North America, Europe, and Latin America. Passworks generates revenue through a subscription-based model, where businesses pay for access to the platform's suite of tools and features.

The pricing structure typically includes various subscription tiers that provide different levels of service and access to advanced functionalities, such as real-time analytics and push notifications. Clients, ranging from individual retailers to large-scale event organizers, can enter into partnerships with Passworks to leverage the mobile wallet capabilities for their marketing efforts. The transactional flow involves clients subscribing to the service and utilizing the platform to issue mobile passes, while Passworks earns revenue based on these subscription fees and additional services rendered. Following its acquisition in December 2021, Passworks, S.

A. aims to leverage new investments for further product development and market expansion. The company is focusing on enhancing its mobile wallet capabilities and expanding into new geographic regions, including Asia and Africa, by 2023. The recent funding will support the launch of advanced marketing tools designed to improve customer engagement and analytics capabilities.