Loop secured more than USD10m in funding

LoopPay

Receives funding.

Loop, the first smartphone-enabled commerce solution has announced it has secured more than USD10m in funding and will start shipping its mobile app and its first AppCessory, the Loop Fob, to its pre-order customers.

Loop was founded by two payment industry pioneers, Will Graylin and George Wallner, both with proven track records of delivering widely adopted payment innovations. USD10m is one of largest angel funding rounds in recent memory, and sets the stage for its Series B from strategic and institutional investors in early 2014 to fuel its growth.

“Loop has created an almost magical experience, allowing consumers to use their phone as their wallet at nearly every place they shop today. It’s really cool to see the reactions of merchants and consumers when they see Loop in action,” said Will Graylin, CEO of LoopPay, Inc. “For merchants and card issuers, Loop is another channel to interact with their customers, in an app that consumers rely on every day to pay for things.”

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