LoopPay has created a patented mobile wallet technology that emits a secure magnetic signal readable by the existing mag-stripe readers at roughly 90% of retail point-of-sale terminals, eliminating the need for new merchant hardware. The system can securely store and organize hundreds of payment, gift, loyalty, and ID cards within the Loop app, which also surfaces real-time balances, reward points, and offers. Its contactless chip is designed to fit into multiple form factors—including phones, fobs, charging cases, and smart watches—giving consumers flexibility in how they pay. The company is preparing to ship its first "AppCessory," the Loop Fob, along with its mobile app to pre-order customers and Kickstarter backers this month. Founded by payments veterans Will Graylin and George Wallner, LoopPay positions itself as a channel for merchants and issuers to engage customers through a daily-use payment app. The startup has attracted strong investor enthusiasm, closing an oversubscribed $10 million angel round that it claims is among the largest of its kind. Management plans to pursue a Series B round from strategic and institutional investors in early 2014 to accelerate growth.

Total raised

$10M

Funding rounds

2

Latest round

Series A

Latest activity

Dec 2013