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.
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.”