Loop, a smartphone-enabled commerce solution accepted at more than 50 million point-of-sale terminals worldwide, announced it has secured more than $10 million in funding and will start shipping its mobile app and its first AppCessory, the Loop Fob, to its Kickstarter backers this month.
At $10 million, it is one of largest initial funding rounds in recent memory, and sets the stage for a Series B with outside investors in the later part of 2014. Loop is an app that liberates consumers from plastic cards (credit, debit, gift, loyalty, membership, IDs) by allowing them to securely store all cards in their smartphones, and enabling them pay with their phones or smart accessories. Loop's patented technology provides instant acceptance from tens of millions of merchants worldwide without any changes to existing merchant solutions.
Loop integrates the highest level of Payment Card Industry (PCI) security, can store hundreds of cards conveniently, and is highly reliable using patented contactless technology that can fit into almost any form factor, including phones, fobs, charge cases, and smart watches.