Privacy.com, a virtual card platform that provides secure payments for businesses and consumers, has announced $10.2M in Series A funding.
The round was led by Teamworthy Ventures with participation from Tusk Venture Partners, Index Ventures, Quiet Capital, Exor Seeds and Rainfall Ventures.
The new funding will fuel the expansion of the Privacy's Card Issuing API, the easiest and most developer-friendly service for businesses of all sizes to issue and manage virtual and physical cards for all their payment needs, including procurement, expense reimbursement, disbursement automation, on-demand services, digital banking, agency services, and more.
Traditionally, issuing debit cards requires months of work and tens of thousands of dollars in investment for marketplace companies, startup banks, insurers and others. Now, with just a few lines of code and Privacy's Card Issuing API, businesses can cut costs and time by programmatically setting limits, locking cards and setting spending and card-specific controls.
"Many existing payment processors espouse being developer-first, but their solutions still take months to build, cost thousands of dollars, and require customers to sign an NDA before sharing pricing," said Bo Jiang, CEO of Privacy.com. "We decided to build the most efficient, transparent, and easiest way to issue virtual cards. Privacy.com makes it possible to issue a virtual card in hours and provides all the pricing upfront, making it friendlier for developers everywhere."
By lowering the hurdles to issuing cards, Privacy's Card Issuing API has enabled businesses to create new payments-enabled business models in a diverse set of industries ranging from digital advertising to insurance. Privacy's Card Issuing API has been in beta testing for over a year and over a hundred developers have already adopted the program and transaction volumes have grown ten-fold. In launching its API, Privacy aims to make card issuing convenient for businesses. Over the past 3 years, Privacy.com has issued over 5 million cards.
"Privacy has been a game-changer for our business," said Dana Dunford, CEO of Hemlane. "We're able to securely send payments nationwide and scale our team with each coordinator, processing 50 percent more requests than before Privacy."
"The Privacy.com team is powering the next generation of companies with innovative payments-enabled business models," said Thomas D. Lehrman, Managing Partner of Teamworthy Ventures. "Through our investments in vertical SaaS, SME SaaS, marketplaces, and platforms, we know there is an enduring need for the Privacy Card Issuing API among product and engineering teams seeking a fast-to-market and flexible payments partner."
To remain transparent on pricing for our customers, Privacy.com publicly states costs on its website for the API service. Jiang says, "We are committing to our customers to always have transparent, easy to understand pricing and world-class technology."