Innovative digital wallet and credit card company Wallaby Financial announced today it received a $1.1 million round of funding from multiple investors.
The primary investors are Founders Fund Angel and 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 Financial is the developer of the Wallaby Card, an intelligent cloud-based wallet that helps the average consumer who holds multiple credit cards optimize his credit card rewards and benefits automatically. The Wallaby Card reviews each customer's current credit cards, and directs spending on the Wallaby Card to the most advantageous card based upon the type of transaction, limited time offers, and other key factors in real time.
"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. "With so many cards available for consumers, it can be a challenge for them to use the right one to maximize their rewards. Our intelligent system is able to select the correct card so the user collects the rewards that matter most to them without any hassle at the point of sale. This funding allows us to further expand and refine our program 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 maximizing 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.
Mr. Edward Liu, Vice President at WI Harper Group commented, "Wallaby has attracted considerable interest in a short amount of time, and we are excited to work with the company's expansion plans to the Asian market. With management's deep domain expertise, Founders Fund's vast experience in the payment space, and our extensive network in Greater China, 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."
Wallaby Financial, led and co-founded by Matthew Goldman, CEO, and Todd Zino, CTO, is a Winter 2012 graduate of the Santa Monica, Calif.-based MuckerLab, a mentorship-driven startup accelerator focused on serving Internet software, services and media entrepreneurs in Los Angeles and broader Southern California. For more information about how Wallaby is changing the credit card landscape or to join the Wait List for the Wallaby Card Beta, visit www.walla.by.