Funding Roundup: Stripe, Dynamics Inc., Atom Bank (Dec. 8, 2014)
Millions of dollars keep flowing into the payments industry as investors recently showed support for advanced payments cards from Dynamics Inc., Stripe’s e-commerce solutions and a digital-only Atom Bank.
MasterCard and Canadian bank CIBC joined existing backers Bain Capital Ventures and Adams Capital Management in a $70 million Series C funding round for Dynamics Inc., the designer and manufacturer of battery-powered payment devices and advanced payments platforms. Dynamics said the funding will enable the company to meet demand for its interactive payment card platform and improve its technical capabilities. Dynamics’ payment card technology includes buttons, displays and LEDs, enabling consumers to select applications stored on the card, such as selecting up to five different currencies, accessing multiple accounts and choosing which rewards program to activate. The investment deal enables MasterCard to offer exclusive Dynamics products to its issuers globally.
Stripe Inc. has raised $70 million in a funding round, which brings the startup’s valuation to $3.5 billion, according to reports. Stripe, a San Francisco-based company founded in 2011, offers tools that enable e-merchants to begin accepting payment cards on Websites and mobile apps within a day, using special APIs that eliminate the need for setting up a merchant account. The recent funding is from new and existing investors, according to a Stripe spokesperson. Earlier this year, Stripe raised $80 million in a Series C round of funding from investors, including Sequoia Capital, Kholsa Ventures and Andreessen Horowitz.
U.K.-based mobile- and online-only Atom Bank has raised £25 million (US$39.1 million). It plans to add 30 staffers to the company and launch the business next year, according to reports. Investors in the round include CF Woodford Equity Income Fund; Jon Moulton, venture capitalist; Jim O’Neill, former chair of Goldman Sachs Asset Management; businessman Peter Vardy and Polar Capital. Atom is applying for a full banking license from the Prudential Regulatory Authority and the Financial Conduct Authority.
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