Digital wallet and credit card company Wallaby Financial announced today it received a $1.1m round of funding from investors including Founders Fund Angel and China-based WI Harper Group with participation from SLP Ventures, Lion Wells Capital, and additional “high-profile, Los Angeles-based” angel investors including former Green Dot and financial services executives.
Wallaby received additional backing from MuckerLab, where it became a member of the first class of start-ups to emerge from the Santa Monica-based accelerator programme earlier this year.
Wallaby Financial is the developer of the Wallaby Card, an intelligent cloud-based wallet that helps optimise credit card rewards and benefits.
“I’d like to thank our investors for placing their confidence in our innovative service which is simplifying a typically painful process,” said Matthew Goldman, co-founder and CEO of Wallaby. ” This funding allows us to further expand and refine our programme to the benefit of consumers, merchants and banks.”
“Wallaby makes consumers’ lives more convenient and efficient by consolidating into one the valuable but unwieldy set of cards in their wallet, while maximising returns from loyalty spending. Founders Fund Angel is happy to back the company and its extraordinary founders,” said Bruce Gibney, partner at Founders Fund Angel.
Edward Liu, head of technology, media and telecom at WI Harper Group added, “Wallaby has attracted considerable interest in a short amount of time, and we are excited to work with the company on their international and mobile expansion plans With management’s deep domain expertise and our extensive network, we are confident Wallaby can and will disrupt the marketplace by providing both retailers and consumers the opportunity to take full advantage of the payment system.”
Founders Fund has backed companies including SpaceX, Palantir Technologies, Spotify, Knewton, ZocDoc and Practice Fusion and is managed by six partners including Facebook backers Peter Thiel and Sean Parker.
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