After raising $5m, Qvivr gears up to launch wallet-replacing card
01 February 2017 | 6845 views | 3
Qvivr, a US startup promising to replace the credit, debit, gift and loyalty cards in customers' wallets with a single card and app combo, has raised $5 million in a Series A funding round led by Khosla Ventures.
Qvivr has been developing its Swyp smart wallet for the last two years, building a smartphone app and a thin metal card with a small display screen, three buttons and a rechargeable battery that lasts for up to two years.
Once users set up an account and link the card to their phones via bluetooth, they can add payment and loyalty cards. Customers then toggle through their cards by pressing the buttons, seeing which one they have selected on the screen before making a purchase or using an ATM.
Tens of thousands of people have preordered Swyp, which was supposed to start shiping last year but was delayed by a problem with the manufacturer, Qvivr chief Ashutosh Dhodapkar told VentureBeat.
In the meantime, with mobile wallets flooding the market, rival outfit Coin has stopped producing its card and sold off its wearables payments assets to Fitbit.
Qvivr says it is already working on a second product, aimed at millennials, which promises to simplify management of personal finances while providing "unique customisation and convenience".
Says Dhodapkar: "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."