Virtual payment card startup company, Privacy.com, announced Wednesday, July 15, 2020, its successful Series A investment round. The firm was able to raise a total of $10.2 million.
The startup company is primarily involved in providing individuals with uniquely-generated virtual and disposable payment card numbers for free. This service by Privacy.com allows individuals to protect their credit card information safe and protected against companies wanting access to user accounts.
The Series A funding round was led by Teamworthy Ventures. Other companies who participated in the investment round include Exor Seeds, Index Ventures, Quiet Capital, Rainfall Ventures, and Tusk Venture Partners.
According to Tech Crunch, chief executive officer Bo Jiang said the new influx of funding will be allocated towards helping Privacy launch a new product.
Called the Card Issuing API, the new service will reportedly give corporate clients of all sizes access to both virtual and physical cards which can be used to help manage employee-related expenses on their respective systems.
Based on its press release, the Card Issuing API program has been in its beta testing phase for more than a year, with over a hundred developers adopting the system.
Besides payment, these cards can also be used for expense reimbursement, disbursement automation, digital banking services, and more, as noted in its press release.
In a statement, Jiang said, “We’re the first company that allows developers to see upfront, transparent revenue sharing and sign up and create cards programmatically the same day.”
While the startup company is open to working with all businesses from a variety of industries, Tech Crunch states that it is gearing up to work with more early-stage enterprise firms who are in need of a “lighter weight solution for their online payments.”
Apart from launching its newest product, Tech Crunch revealed that Privacy intends to funnel in some of its funding towards the company expansion. According to Jiang, the startup will “hire and ramp up product development at a much faster pace” in order to cater to a wider range of audiences.