Clover nets USD5.8m for mobile payments

Out of stealth mode

Californian startup Clover has raised USD5.8m for its mobile payments app, which came out of stealth mode on March 8. The one-tap system aims to simplify payment by identifying existing customers seamlessly based on their phone numbers or mobile PINS. The system charges a 3% transaction fee, and says its removal of usernames and passwords in favour of SSLs and PINs makes it more secure than competing systems. Clover will use the cash to grow its product and marketing, and to fund a USD100,000 developers’ fund rewarding app developers for integrating the system.

This funding comes from Andreessen Horowitz, Sutter Hill Ventures, Morado Venture Partners, and various angel investors. Clover is currently available in the US only, for Android and iOS devices.

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