“We’re betting that, over the long term, software will win out over hardware-dependent payment solutions,” said Mike Mettler, co-founder and CEO of card.io.
San Francisco, CA (PRWEB) June 23, 2011
card.io, a start-up founded by two former AdMob employees, Mike Mettler and Josh Bleecher Snyder, today announced a $1M seed round of funding from a hotlist of angel investors and the launch of a private beta program for mobile developers who want to integrate a fast, easy and secure mobile commerce experience into their applications.
Unlike mobile advertising, mobile commerce has yet to mature despite the efforts of a variety of players including major banks, credit card companies, tech brands, mobile operators and well-heeled startups. Typing in credit card info on a mobile keypad is slow, and most consumers don’t have separate hardware to swipe a credit card. Card.io is trying to solve both of these problems: you just hold a credit card up to the phone, and card.io automatically reads the card information using the phone's camera.
Rather than target retailers, card.io is targeting iOS developers in e-commerce, local, ticketing, travel, and daily deal apps with today’s private beta launch. card.io is working with MogoTix for event tickets, TaskRabbit for local services, and SamaSource for donations.
“We’re betting that, over the long term, software will win out over hardware-dependent payment solutions,” said Mike Mettler, co-founder and CEO of card.io. “Because we’re software, we can scale and improve more quickly. Also, we can reach every device owner from day one - as long as you have your phone, just point and pay.”
“Tons of innovation is already happening at the physical point of sale for in-person transactions. We're doing something different. Mobile checkout for ecommerce needs a rethink. Card.io's software-only service lets developers build mobile checkout right into their app. It turns any smartphone with a camera into a cash register,” said angel investor Michael Dearing of Harrison Metal.
Dearing joins other card.io investors such as Jeff Clavier and Charles Hudson of SoftTech VC, Manu Kumar of K9 Ventures, Alok Bhanot (former VP, Risk Technology at PayPal), and Omar Hamoui (CEO/founder of AdMob).
“One of the biggest hurdles to mobile commerce adoption is that users don’t want to type lots of information into their phone to make a purchase,” said Scott Thorpe at MogoTix. “card.io’s software solution is disruptive because it allows consumers to use their phone camera to pay with a credit card, with no need for extra hardware. This improves our purchase conversion and thus increases revenue.”
App developers interested in more information about card.io’s solution can sign up from the website at http://card.io or email beta(at)card(dot)io.
Located in San Francisco, card.io aims to change the way you purchase on your mobile device. You can follow us on Twitter at @cardio.
Eric Gonzalez, VSCpr
# # #