Boxed, a US-based e-commerce app, has received USD1.1m in funding from ENIAC Ventures, Social Starts and 15 Angels. Boxed, which launched in 2013, allows users to order wholesale goods via mobile and offers free two-day delivery on orders more than USD75.
The app is designed to save customers time through shipping the same type of goods they would get at a warehouse club direclty to the customer’s door. This is accmplished by the company stocking its own warehouse with the most popular items customers tend to buy at those retail outlets. Whilst a major retailer might have 4000 or 5000 items in its stores, Boxed alternatively keeps 500 SKUs available for users in its own warehouse, according to co-founder and CEO Chieh Huang.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.