UAE telecom firm e&, formerly Etisalat, has invested in US-based payments security firm MagicCube.

Through its investment arm, e& capital, the company participated in the second tranche of a $10 million funding round for the California-headquartered company, which is looking to scale globally.

MagicCube specialises in sovereign-grade security for payments, digital identity and AI-driven services without relying on the use of hardware or physical chips. Its software-based platform secures sensitive data in various environments, including smartphones, tablets, IoT devices and self-checkout kiosks.

The fresh capital is earmarked for global expansion and will support high-growth markets, particularly the GCC region.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com