Bling Nation raises $8 Million for mobile payment system
By siliconindia   |   Wednesday, 08 July 2009, 23:21 IST   |    7 Comments
Printer Print Email Email
Bling Nation raises $8 Million for mobile payment system
Bangalore: Bling Nation, a mobile payment infrastructure service has raised $8 Million in Series A funding to set up the required infrastructure for its Redi Pay Bling mobile payments service. Light Speed Ventures, a leading investor funded the company with $6.3 million and the remaining $1.7million was raised primarily from Meck. As per the service's requirement, the banks would give the consumers a sticker to put on their cell phones that contain radio frequency identification (RFID) tags with special security features, which can be used in combination with the phone. Through this, the merchants also offer instant reward programs to attract customers. The company enables consumers to pay merchants with the tap of a mobile phone instead of using a credit card or cash. In addition to consumer convenience, merchants reduce interchange fees, and banks increase income. "Just about every consumer is already carrying a small computer, in the form of their mobile phone, with them all the time," said Wences Casares, co-CEO of Bling Nation. "This small computer has immense storage capacity, processing power and connectivity, so why should customers carry anything else to make a payment? Why should merchants accept more expense?" Founded in 2007, the Bling Nation has currently 25 employees. Previously, the company got funded from Meck which invested an initial $5.3 million and also from the Camp Ventures. "Today, the payment industry is an inefficient $60 billon industry that closely resembles the telecom industry a decade ago - what is being charged for a payment bears no relationship with the actual cost of processing that payment. This tremendous market opportunity, coupled with a management team unparalleled in track record and industry experience, makes Bling Nation one of the most exciting new investments in Lightspeed's portfolio," said Eric O'Brien, Managing Director at Lightspeed Venture Partners.

siliconindia