Payment management platform WalletFi has closed a further $265,000 to its seed funding round bringing the total raised to over $300,000.
The investment came from a selection of institutional investors and an undisclosed CEO of a publicly traded bank.
WalletFi allows consumers to identify and more recurring charges and subscriptions from one card to another. The platform helps to pull all subscriptions and cards into one app to help find duplicate charges or ways to optimise recurring spending. For banks the platform is able to integrate the API with a client’s own mobile platform.
This line of equity will enable WalletFi to expand its product offerings and continue to grow business development efforts.
WalletFi co-founder and COO Marc Miller said, “As large-scale breaches like Equifax and Target become more common, millions of credit cards are being reissued. Not only is this a pain for consumers but it means lost revenue for the financial institutions that have to deal with the fallout from issuing new cards. We are solving for this.”
WalletFi was recently part of the 12-week VC FinTech Accelerator empowered by FIS.
Earlier this week money transfer platform TransferWise closed a $280m round of funding led by Old Mutual Global Investors and IVP. The company is currently planning to launch consumer borderless accounts for the UK and Europe later this year. Also, this week digital remittance platform Remitly closed a $115m Series D funding round from PayU. The company is hoping the capital will support its international expansion efforts.
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