Mobile Payments Startup Loop Closes $10 Million Series A, Starts Shipping Fobs To Early Backers

I am rapidly getting into the details of mobile payments it going to get really personal between coin, loop and a few other players in the market.

Hope they don’t forget about Europe and chip and pin .


New mobile payments startup Loop has closed on $10 million in Series A funding in what’s being described as an “oversubscribed” angel round involving undisclosed investors. The company, which is working to build both smartphone fobs and cases that allow you to pay at point-of-sale by emulating a magstripe credit card swipe, had previously said they were raising the A round from the same group of angels who had invested in the founders’ previous companies.

Loop co-founder and CEO Will Graylin previously founded WAY Systems (sold to VeriFone) and ROAM Data (sold to Ingenico), while Loop’s other co-founder and chief technologist, George Wallner, previously founded Hypercom, also sold to VeriFone. The founders still decline to provide Loop’s investors’ names, but Graylin says the list includes “many high-powered CEOs, including people from the payment industry.”

The company also says the funding will set the stage for Loop’s Series B…

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Blog Site for Jason Boud and Beyond Mobile Ltd.
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