Mobile payments startup Wipit has secured an undisclosed amount of funding from Core Innovation Capital in a Series A round. The company enables customers to use cash payments on their mobile phone, as well as giving them access to alternative mobile financial services. Previous investors of Wipit include H&R Block and Euronet Worldwide.
Wipit enables underbanked consumers from around the world to use cash for payments on their mobile phone or with an integrated prepaid card. The company also provides access to high demand, alternative financial services such as international money transfer, mobile check deposit, bill payment, and prepaid wireless replenishment – all from the convenience of a mobile phone and payable with cash funds loaded to the user’s Wipit powered mobile wallet account. Wipit’s co-branded Boost Mobile Wallet program, launched in partnership with Sprint, extends the company’s mobile financial services lineup to millions of underbanked prepaid wireless subscribers. Previous investors include H&R Block and Euronet Worldwide.
“Wipit is opening the world of digital payments to anyone with a mobile phone – even those without a bank account,” said Richard Kang, CEO of Wipit, Inc. “Smartphone adoption in the prepaid wireless market is rapidly growing, and we provide a needed payment service for consumers who have purchased a smartphone, but have no bank account or credit card to fund digital transactions. As experts in the underbanked market, Core shares our vision for empowering these consumers. Together, we can help bring cash-preferred consumers into the digital payments mainstream.”
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