Secured funding
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.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
