CardFlight, a New York-based company that enables developers to integrate in-person card payments into their own app, raised $1.6m in seed funding.
The round was led by ff Venture Capital, with participation from Payment Ventures, Apostolos Apostolakis, Entrepreneurs Roundtable Accelerator, Plug & Play Ventures, and Great Oaks Venture Capital. In conjunction with the funding, John Frankel, Founding Partner at ffVC, joined CardFlight’s board of directors.
The company intends to use the funds to accelerate product development efforts and to expand its client base.
Led by Founder and CEO Derek Webster, CardFlight’s provides an open platform that connects mobile app developers with payment processors focusing on the 90% of credit card transactions that are “card present” and happen in person. Clients are vertical solution providers or large and medium-sized merchants.
Its mobile payments platform includes:
1. Encrypted magnetic stripe readers that work through the audio jack of smartphones and tablets.
2. Software Development Kits (SDKs) for both iOS and Android platforms. The CardFlight mobile payments SDK enables clients to integrate payment acceptance into their own applications.
3. A payment gateway service that lets the client use virtually any merchant account from their choice of processors.
Clients retain control over their own application’s user interface and user experience, and can also integrate payments acceptance into their other functionality such as CRM, inventory management, fulfillment, reporting and analytics.
FinSMEs
02/10/2013