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.”
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
