Tiv, a payments and rewards platform aimed at gamers, has reportedly collected $3.5m in its seed round.
4490 Ventures acted as the lead investor, with commitments also coming from Silverton Partners and unnamed angel investors, according to a report from Crunchbase News.
The company plans to use the capital injection to help double the size of its five person team.
Tiv, which is currently pre-revenue, provides customers with a virtual and physical payment card that can be paired up with gaming accounts. The platform will track the hours spent playing games and other activity. For every hour played, the rewards rates increase for the user.
For example, if someone spends four hours playing FIFA, they will have an increased reward rate if they go food shopping the following day, the article claims.
The company’s co-founder and CEO Jed Strong claims the platform’s ultimate goal is to encourage people to pursue their passion of gaming “and use that to touch every aspect of their lives, online and offline.”
Tiv’s website claims reward points can be redeemed for money, games, extra downloadable content for games, hardware, perks and more.
The idea for the company reportedly came after co-founder JP Pillat got married. Strong told Crunchbase News, “When he got married and was combining finances with this wife she kind of sat him down and was like, ‘You’re spending a lot of time and money on this habit and I love you for it, but you have to pull this back.’ ”
Earlier in the month, Sanlo, a fellow FinTech aimed at the gaming sector, collected $3.5m in its latest funding round. The company builds financial products to help gaming and app companies improve their businesses.
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