US-based digital wallet company Wallaby
Financial has raised USD1.1 million of funding, mainly from the US
venture capital firm Founders Fund Angel and Chinese fund WI Harper
Group.
The Californian start-up Wallaby is the
developer of the Wallaby card, a cloud-based digital wallet that
stores details of multiple cards and automatically selects the best
one to charge in each transaction, according to the type of
transaction, limited time offers, and users’ pre-set
preferences.
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Wallaby co-founder and chief executive Matthew
Goldman said: “With so many cards available for consumers, it can
be a challenge for them to use the right one to maximise their
rewards. This funding allows us to further expand and refine our
programme to the benefit of consumers, merchants and banks.”
Founders Fund Angel and WI Harper Group have a
track record of being early investors in information technology
start-ups, such as Facebook (Founders Fund Angel), and
data tracking service provider adMaster (WI Harper
Group).
Edward Liu, head of technology, media and
telecom at WI Harper Group, said: “Wallaby has attracted
considerable interest in a short amount of time, and we are excited
to work with the company on their international and mobile
expansion plans.”
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