Bling Nation Raises $20 Million In Funding For Mobile Payment Processing

Posted Oct 30, 2009

Bling Nation has just raised a $20 million Series B round of funding from Balderton Capital. The company develops payment systems for mobile phones. Since Bling Nation launched in 2007, the company has raised a total of $33 million in total funding. Bling Nation partners specifically with local banks for offering secure payment transactions.

Bank customers put a chip on their mobile phone that allows them to make a payment directly from their checking account to merchants or stores. Local merchants are also given card machines that scan the chips on the mobile devices. Bling Nation is being tested heavily in Colorado Springs and Woodland Park in Colorado. Bling makes revenue by taking a commission for each transaction. Merchants end up paying less in fees to Bling Nation than credit card purchases making it an appealing transaction option.

Bling Nation was founded by Meyer Malka ad Wenceslao Casares. In the last round of funding, Lightspeed Venture Partners, Meck and Camp Ventures participated. Bling Nation is based in Palo Alto, California.