LoopPay secures investment from Visa

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LoopPay has announced that it has received an investment from Visa.

The investment is part of a larger strategic funding round for LoopPay, which includes Synchrony Financial (formerly GE Capital Retail Finance) and other strategic partners not yet named.

Visa continually evaluates and invests in new technologies that have the potential to transform mobile devices into secure payment vehicles,” said Jim McCarthy, Senior Vice President of Innovation and Strategic Partnerships, Visa Inc. “LoopPay has developed compelling technology that has the potential to enable merchants to accept payments from mobile devices using their existing point-of-sale infrastructure.”

“We are thrilled to have Visa as a partner and investor,” said Will Graylin, CEO of LoopPay. “We look forward to working with them and our other partners, including card issuers and device OEMs, to deliver the best possible commerce experience for both consumers and merchants alike as the world moves toward mobile payments.”

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