CardSpring nets USD10m for mobile payments

Wed Feb 1 2012, 12:06 PM

CardSpring, a company developing mobile applications for credit and debit cards, has raised USD10m in its first funding round. The Series A round was led by Accel Partners and Greylock Partners, with participation from SV Angel, Morado Ventures, Felicis Ventures and WIN. The firm says it is planning to spend funding scaling the company’s platform. CardSpring’s API allows developers to link the credit card payment system to other online processes, such as coupon redemption or loyalty programs. This means that the technology can complete more than just purchasing functions with a single swipe. The company’s technology eliminates the need for smartphones in loyalty schemes, directly bridging the gap between developers and payment companies, without compromising security as concerns over mobile payment security grow.

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