Twitpay secures funding from TomorrowVentures and CompuCredit
07 February 2011 | 1706 views | 0
Atlanta-based Twitpay, the leading provider of social media payment technology, has secured growth funding from TomorrowVentures and CompuCredit Holdings Corporation.
Twitpay was founded in 2008 and offers a platform-as-a-service into three core markets: nonprofit organizations looking to raise funds directly over Twitter, social gaming developers offering virtual currency, and retailers facilitating social commerce. This new round of funding will be used to expand its existing service offerings.
"We are very excited about our investment in Twitpay. The convergence of social media and mobile payments will drive tremendous opportunities in the social media value chain. We believe that Twitpay, with its sophisticated payments platform and mobile wallet technology, is positioned to be the dominant player in this segment," says Court Coursey, Managing Partner, TomorrowVentures.
David Hanna, CEO of CompuCredit Holdings Corporation adds, "Combining social media with an alternate payment channel opens up enormous marketing opportunities for Twitpay partners. We are very impressed with the breadth and flexibility of Twitpay's technology platform and management's ability to identify a need in the marketplace and quickly build and market a solution to fit that need."
"We are looking forward to leveraging the knowledge, relationships and skill sets of our new investors. Both TomorrowVentures and CompuCredit fully grasp the power of monetizing social media and how our platform can make that a reality," says Kenny Douglas, Executive Vice President of Twitpay. "Each of our new investors has a long track record of identifying and nurturing leading technology innovators, and their expertise will be a tremendous asset for our company," adds John Beisner, Executive Vice President.
Twitpay offers its clients both a comprehensive social management platform as well as a mobile payments tool utilizing Twitter's prevalence as a mobile network. Expansion into the for-profit world is producing a variety of promotional opportunities for merchants, with offers delivered immediately both online and through mobile and tablet applications. ConsumeConsumers will be able to transact immediately within their preferred social environment.
Twitpay recently announced a partnership with Incomm, another Atlanta-based corporation, to offer social gaming publishers access to a customized promotion and lead generation platform designed specifically around the social gaming model. The first social gaming campaign is due out in early 2011.
Morgan Keegan acted as exclusive financial advisor to Twitpay on this transaction.