DURHAM, N.C.--(BUSINESS WIRE)--WalletFi has closed an additional $265,000 of funding, bringing its total seed financing to more than $300,000. The company’s early backers include several institutional investors as well as the CEO of a publicly traded bank.
“WalletFi has an opportunity to move quickly. The new funds will be used to expand our product offering and further accelerate business development efforts,” said Alain Glanzman, WalletFi co-founder and CEO.
WalletFi—which recently completed the 12-week VC FinTech Accelerator empowered by FIS—is a platform that allows users to easily identify and move recurring charges and subscriptions from one card to another. This technology is especially useful during card reissuance, since many bank customers have no idea what is tied to their old card and how to move it over to their new one.
“As large-scale breaches like Equifax and Target become more common, millions of credit cards are being reissued,” said WalletFi co-founder and COO Marc Miller. “Not only is this a pain for consumers but it means lost revenue for the financial institutions that have to deal with the fallout from issuing new cards. We are solving for this.”
WalletFi allows users to easily identify and move recurring charges, subscriptions and card-on-file (CoF) payments across cards within a digital wallet. WalletFi reduces customer churn for banks and financial institutions while also increasing millennial engagement and reinforcing top-of-wallet status. WalletFi will allow banks and credit unions to integrate the company’s API with their own mobile platforms or offer it as a stand alone white-label solution. WalletFi was one of 10 companies selected from 295 applicants for the 2017 VC FinTech Accelerator empowered by FIS, a Jacksonville, Fla.-based Fortune 500 financial tech firm. For more information about WalletFi and its solutions, visit www.walletfi.com.