Flint Mobile Raises $6 Million In Funding
Flint Mobile is a mobile payments company that has raised $6 million in Series B funding led by Digicel Group. SVG Partners, Storm Ventures, and True Ventures participated in this round as well. Flint Mobile recently launched Android support as well. Digicel Group is a Caribbean based wireless service.
Flint Mobile started in April 2011 and raised Series A funding in April 2012 led by Storm Ventures and True Ventures. Based in Redwood City, California, Flint Mobile is headed up by CEO Greg Goldfarb. Goldfarb told me in an interview that he worked at Ribbit before it was acquired. He also told me that he has 17-18 years of experience in bringing products to market range from public companies to startups.
“The premise behind Flint is to address an underserved audience of businesses that operate outside of traditional retail,” Goldfarb told me in a recent interview. “Our customers tend to be service businesses rather than coffee shops. This includes beauty shops, accountants, graphic designers, tour guides, and caterers.”
Flint charges 1.95% for debit card swipe while credit card swipes are 2.95%. Goldfarb told me that debit cards consist of 65% of transactions in the U.S.
Flint’s strength is removing the friction of the payment process. People can sign up and start processing within 2 minutes. Flint also offers businesses social and online marketing tools. Receipts can be sent with a Facebook Page link and people are asked to “like” a Page. You can also send easy follow-up communications to thank customers by offering them deals.
When I asked Goldfarb how their technology works, he told me that they have proprietary technology around their card scanning capabilities. They never take an image or video of the whole cards surfaces. The OCR is entirely done on their own and is not outsourced. They also offer basic analytics around transactions. They also have a social dashboard that gives users a sense of when customers are posting testimonials. Merchants can comment directly through the social dashboard. For example, when clicking on “comment” from the social dashboard, it takes the user right to the exact comment on the Facebook Page.
Flint Mobile has tens of thousands of merchants on-board and has grown by a factor of 12 since the beginning of the year.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry