Lost in the wave of funding news over the holidays was word that fintech’s “credit card vault in the cloud” is now half a million dollars richer.
The $500,000 in new funding goes to Spreedly, the Durham, North Carolina-based payments specialist that made its Finovate debut last fall. The investment comes courtesy of E-Merge.be, a group of angel investors from Belgium that has previously put capital to work on behalf of companies like the recently-acquired payments gateway, Ogone, and Cabify.
The investment represents a stamp of approval for the direction Spreedly has taken since it was founded in 2007. Once just another startup in the crowded field of online payments, Spreedly has evolved to play a different, more unique role when it comes to helping businesses make better, more secure, fully PCI-compliant, payment routing decisions.
At its most basic, Spreedly’s credit card vault allows businesses to securely store credit card information in the cloud, where it can be readily accessed for repeat customers. Perhaps even more importantly, Spreedly provides businesses with data on the relative performance of more than 50 different payment gateways. This helps businesses not just save money, but also cut down on efficiency-killers like time outs and false declines.
Spreedly includes among its customers Fusebill, BoxTV, and fellow Finovate alum, Wallaby. The company’s CEO is Justin Benson.