Flint Mobile launches mobile payments app and raises Series A funding

Processing payments via the smartphone camera

The mobile card payment solution is being launched in beta today at the Finovate conference in San Francisco (view press release). The solution is a free app for iPhone that enables merchants to processes card payments on the go with their smartphone. The app differentiates itself from competitors such as Square and PayPal Here as it uses the phone’s camera to scan the card number and process payment instead of a plug-in card reader. No data is stored on the device and the solution is PCI compliant. The app also has integrated tools that enable customers to post reviews and recommendations on social media channels and allow merchants to offer customised loyalty offers in receipts. The solution charges USD1.95% plus USD0.20 per transaction for debit cards and USD2.95% plus USD0.20 per transaction for credit cards.

Flint’s goal is to transform the everyday commerce capabilities of tens of millions of small services businesses and sole proprietors who are highly mobile,” said Greg Goldfarb, co-founder and CEO of Flint Mobile. “Our first product takes the hassle out of on-the-go credit card processing and provides an on-ramp to capitalise on social marketing. Essentially we are starting to turn credit card transaction fees into an investment in online customer engagement.”

The company is also closing its Series A funding round which raised USD3 million and was led by Storm Ventures and True Ventures. The company will use the funds to accelerate product development, hiring and customer acquisition.

Related reading

Leave a comment