Silicon Valley-based FinTech startup Qvivr just recently announced that it had raised $5 million in a Series A venture capital funding round. The round was reportedly led by Khosla Ventures with participation from unnamed global investors, including a large multinational bank in Asia. The latest round of funding will be used to develop new technology that will target millennials.
Ashutosh Dhodapkar, founder and CEO of Qvivr, said in a press release: “We are pleased to have the support and backing of premier investors in Khosla Ventures and our banking partner. This funding will enable us to look at global distribution and meet our new product development objectives, which will be announced later this year. We have learned a lot over the last couple of years with our first product, SWYP, and are excited about what the future holds when it comes to delivering a brand new experience for the next generation of consumers.”
Founded in 2015, Qvivr is known for creating SWYP, a smart payments system made up of a card that mimics several conventional types of payment cards and comes with an accompanying mobile app. It also works like a conventional mag-stripe card at a retailer’s point of sale, but as the user makes purchases, the card learns to anticipate which type of card they want to use based on time of day or location.
SWYP’s iOS or Android mobile app allows users to load cards to their phones. The SWYP card connects with the phone using Bluetooth LE, and if the card gets more than six feet from the phone, the card locks and is only able to be reactivated when a PIN is entered.
Originally slated to ship last summer, Qvivr reportedly had to stop production because of manufacturing issues, noted TechCrunch. The company has plans to start shipments again sometime this summer to fulfill its pre-orders. After that, Qvivr will reportedly discontinue selling SWYP in favor of its new project.
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