View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
July 16, 2020

Virtual card payment startup Privacy.com secures $10.2m funding

US-based virtual card payment startup Privacy.com has secured $10.2m in a Series A funding round led by Teamworthy Ventures.

The funding round was joined by Tusk Venture Partners, Index Ventures, Quiet Capital, Exor Seeds and Rainfall Ventures.

The company will use the fresh capital to expand its card-issuing API for businesses of all sizes, enabling them to create virtual and physical payment cards.

Using Privacy’s card-issuing API, anyone can create virtual and disposable card numbers for free, while hiding their real card numbers, for more secure transactions.

These cards will help businesses manage all their payment needs such as procurement, expense reimbursement, disbursement automation, on-demand services, digital banking, agency services, and more.

They can also set limits, lock cards, and set up spending and gain access to card-specific controls.

Privacy.com CEO Bo Jiang said: “Many existing payment processors espouse being developer-first, but their solutions still take months to build, cost thousands of dollars, and require customers to sign an NDA before sharing pricing.

“We decided to build the most efficient, transparent, and easiest way to issue virtual cards. Privacy.com makes it possible to issue a virtual card in hours and provides all the pricing upfront, making it friendlier for developers everywhere.”

More than 100 developers have already adopted Privacy’s card-issuing API solution as Privacy beta tested the solution for over a year.

Additionally, the solution has also enabled industries ranging from digital advertising to insurance to create new payment models for their businesses.

In the past three years, Privacy.com has issued more than five million cards to its clients.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International