Payment Marketing Company Swipely Raises $12 Million In Series B

Posted May 21, 2013

Swipely is a payment marketing startup that has raised $12 million in Series B.  Swipely was founded by Angus Davis, the founder and CEO of TellMe, a company that was acquired by Microsoft.  This is the first round of funding that Swipely raised since the company moved from allowing users to share credit card purchases with friends to working on a payments, loyalty, and marketing model.

Swipely analyzes credit card payment data for merchants to learn customer behavior.  Customers will be able to sign up for loyalty programs that are tied to cards that they own.  Merchants can send users targeted messages and offers.

?We?re the new kids on the block in a pretty enormous market, and frankly, the people that hurt when we win are the legacy, old school payment providers,? said Davis as quoted by TechCrunch.

This round of funding was led by Shasta Ventures.  Other investors that participated in this round include First Round Capital, Greylock Partners, and Index Ventures.  The funding will be used to increase the size of their team and go from serving hundreds of merchants to thousands of them.

Swipely currently handles around $700 million in sales for their merchant partners.  They also have relationships with around 2 million customers.