California-based credit card startup Final has secured $1m in seed funding from investors, including Ludlow Ventures, T5 Capital Partners, Y Combinator and other financial technology angel investors, in advance of the launch of its credit card pilot program.
The EMV credit card will enable users to generate multiple card numbers with different spending and usage limits reducing the risk of online and offline fraud while giving consumers more control over their spending.
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The dynamic numbers that can be individually tailored will be compatible for one-time transactions or as the new, unique card number for a single merchant.
The company is in discussions to finalize issuing partnerships with a number of financial institutions to fuel the launch of its 2015 pilot program.
Final chief technology officer Matthew Rothstein said: "We’ve seen significant traction with our beginning marketing efforts. With over 35,000 pre-launch signups, it’s become clear that people want a better credit card solution.
"If you have a traditional card that’s breached at the point-of-sale, that one, static number is usable everywhere. If one of [Final’s unique] numbers is breached, it means that none of the other relationships will be affected."
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