Silicon Valley-based payments startup Qvivr has raised $5m in a Series A round led by Khosla Ventures.
The company develops the Swyp smart wallet – a smartphone app that connects to a card device via Bluetooth.
The service allows users to combine all their payment and loyalty cards to the device and toggle which they use.
Qvivir saw tens of thousands of pre-orders for its card devices but failed to start delivering last year as a result of manufacturing problems.
The company now says that while those who pre-ordered will begin to receive the device it is now working on a new product.
It says the new products is targeted at millennials with the aim of simplifying personal finances.
Qvivr CEO Ashutosh Dhodapkar said: “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.”
The new financing coincides with rival smart wallet Coin’s announcement that it would shut down its payments operations having previously sold its wearable payments technology to Fitbit in 2016.
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