Bling Nation Secures Funding to Expand Mobile Payment Service
July 3, 2009 10:28 AM | Services | Comments (0)
| Bling Nation, a mobile payments provider, announced today it has secured $8 million in Series A funding with $6.3 million coming from lead investor Lightspeed Venture Partners. The remaining $1.7 million was raised primarily from Meck, Ltd., which invested an initial $5.3 million in Bling Nation, and CampVentures. Founded in 2007, Bling Nation transforms mobile phones into intelligent and versatile wallets. The company enables consumers to pay merchants with the tap of a mobile phone instead of using a credit card or cash. In addition to consumer convenience, merchants reduce interchange fees, and banks increase income. After tapping the phone at the merchant point-of-sale, the consumer receives an instant text message with the transaction information, an updated account balance and rewards balance. |  |
If the rewards balance meets preset thresholds, a customer can pay for their purchase using those rewards.
Bling Nation’s proprietary technology enables transactions to be processed more efficiently than a traditional credit or debit card network, delivering value to consumers, merchants and financial institutions. Bling Nation announced June 22, its first bank customer, Colorado-based The State Bank. The bank went live on May 21 with the Bling Nation’s Payments Service, which is marketed as Redi Pay Bling, an alternative to expensive, traditional payments networks and accompanying rewards programs. Within three weeks of implementation, the bank had activated 25 percent of its customers on the payments network and opened more merchant accounts in that span than in the past two years combined.
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