SparkBase Secures $3 Million in Series A Funding

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Cleveland Technology Firm Prepared to Launch Mobile Wallet Technology

Paycloud mobile wallet

SparkBase’s new mobile wallet technology, named Paycloud, won the Electronic Transactions Association’s 2011 Technology Innovation Award.

SparkBase, the leading provider of white-label reward program and gift card processing to ISOs and acquirers in the financial services industry, announced today that the company has secured over $3 million in Series A funding led by the North Coast Angel Fund, the Ohio TechAngels, and Blue Olive Partners, to accelerate the development and deployment of the company’s technology platform and mobile innovations.

Company officials said that with revenue and customer acquisitions exceeding all projections, the investment will support SparkBase’s growth and new product development.

“SparkBase is a very different company than it was even one year ago, and our meteoric growth in both clients and revenues proves that. We’ve grown to 30 employees and plan to double that this year,” enthused CEO Doug Hardman.

“Our initial focus on developing and deploying world class technology enabled us to achieve rapid penetration in the ISO community and we’ve been able to exploit the power of this edge to create new innovations that we believe will fundamentally transform and enlarge our industry,” said Hardman. “Over the last three years our client base has increased ten fold as they have embraced this approach,” he added.

Last month SparkBase’s new mobile wallet technology, named Paycloud, won the Electronic Transactions Association’s 2011 Technology Innovation Award and is scheduled to launch this summer.

Paycloud will allow smartphone users to consolidate all their loyalty, gift and reward cards in a single app, provide single click enrollment in merchant loyalty programs and enable those merchants to broadcast specials and coupons directly to a receptive audience. SparkBase will use the funding from their Series A round to accelerate the development and rollout of Paycloud.

To learn more about Paycloud, go to http://www.paycloud.com or email jheaney(at)sparkbase(dot)com.

About SparkBase – SparkBase entered the stored-value industry in early 2004 as the first truly independent gift and loyalty processing network. SparkBase continues to lead in innovation with its proprietary gateway, using patent pending technologies for processing stored value transactions with traditional cards, and new mobile payments methods. Developed in house at their headquarters in Cleveland, Ohio, SparkBase is a leader in gift and reward processing. For more information, visit sparkbase.com.

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John Heaney
jheaney@sparkbase.com
216-408-0064
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