Flint Secures $9.4 Million in Series C Funds to Expand Mobile Payment Platform

Also Adds 'Sell Online' Feature to Simplify Web Payments for Small Businesses

Oct 22, 2014, 15:48 ET from Flint Mobile

REDWOOD CITY, Calif., Oct. 22, 2014 /PRNewswire/ -- Flint Mobile today announced that it has secured $9.4 million in Series C funding to continue expanding its mobile-centric business management platform for small businesses operating outside traditional storefronts. The new round was led by Verizon Ventures, the investing arm of mobile and broadband provider Verizon Communications Inc., with follow-on investments by Digicel, Storm Ventures and True Ventures as well as participation by new investor Peninsula Ventures.

Also today, Flint announced a new 'Sell Online' feature that brings easy online transaction capabilities to the Flint platform without requiring merchants to set up a separate e-commerce service.  Now merchants can add custom "Buy Now" buttons to their website or insert secure ecommerce links in email campaigns or social feeds and process payments through Flint.  With this extension, Flint provides a mobile-optimized service for the three most prevalent modes of local payments – on-the-spot, invoicing with online bill pay, and e-commerce – and brings all transactions into a single view for easy management.  No card reader hardware, billing paperwork, or shopping cart integration is required.

Financing Nearly Doubles Total Funding

Flint's Series C funding follows a $3 million Series A round in 2012 and an $8 million Series B round in 2013, bringing the company's total funding to $20.4 million. The company has gained strong customer traction that has led to a sevenfold increase in year-over-year transaction usage, signed more than 30 new go-to- market partners in the last year, continued to differentiate by expanding its core no-swipe mobile payment service into a broader mobile business solution, and identified major growth opportunities.

"More than 17 million independent businesses in the U.S. provide a significant portion of their goods and services in flexible or transient work environments. They range from contractors, photographers and consultants to health, beauty and fitness professionals," said Flint CEO Greg Goldfarb. "By enabling these businesses to run core revenue functions like payments, invoicing, couponing, and now online sales from a single app and focusing on ease of use, we are well positioned to become the leading mobility platform for a large market segment."

'Sell Online' Eliminates Separate Payment Processing

Sell Online is designed to serve the needs of service-oriented or custom products businesses that want all transactions to flow through one account and rely heavily on mobile devices.  
Users simply enter the item, description, price and optional image in the Flint online merchant portal – whether it's a single service like a computer tuneup, photography session, a consultation appointment or home inspection,  a package like a series of massages or yoga classes, or even a donation.   Flint then generates a clickable button that can be embedded on the merchant's website or a custom link that can be shared via email, Facebook or other social networks.  Benefits include the ability to:

  • Customize all components including the button (Buy Now! Get Yours Today! Save on a Series!).
  • Sell online your way by commerce-enabling your website and keeping customers on the page, or including a link to purchase in an email, blog or social feed.
  • Provide secure checkout with an encrypted, product specific, mobile-optimized e-commerce form that is generated whenever a customer clicks on the sales button or link.
  • Easily track online sales through a dedicated tab on the Flint mobile app or online merchant portal, providing at-a-glance views and easy management of online orders.
  • See a complete transaction history that rolls up online and offline sales in a single report, making it possible to track all sales, line item and customer information in one place.

Flint's standard transaction fees of 1.95% for debit card payments and 2.95% for credit card transactions apply, with no extra costs to use the Sell Online feature. 

Sell Online marks the latest Flint upgrade designed to advance mobile business productivity.  In the last four months alone, Flint has added QuickBooks Online integration that eliminates manual data entry as well as a new Team Accounts feature that allows multiple users within an organization to use a single Flint account.  In late 2013, the company also introduced a free loyalty offer feature that publishes coupons into a customer's iPhone Passbook, the primary interface for Apple Pay.  Flint has also continued to optimize its patented technology to securely scan credit or debit cards instead of swiping.

"I need to create an invoice when someone schedules a session, collect a deposit, and then collect the balance at the shoot.  Flint lets me do it all from my smartphone and saves me hours every week," said Ben Esner, a commercial photographer in New York City.  "It gives me an easy way to see all of my client transactions in one place, and I also recently started sending out coupons to help generate more business."

The Flint app is free to download and merchant setup is instant, with no need to wait for a merchant account or card reader.

Flint is demoing its Sell Online feature today at Booth #208 at the Intuit QuickBooks Connect event in San Jose, CA. More information is available by visiting www.flint.com.

About Flint Mobile, Inc. 
Flint is a mobile payment service that enables people to run their business from the palm of their hand. Designed for businesses that operate outside of traditional retail stores, Flint's iOS and Android apps allow users to easily take credit cards on the spot by scanning instead of swiping, via invoice-based bill payment, or online. The Flint platform also offers a range of business productivity features including data syncing with QuickBooks Online, digital coupons, team account workflow, and a merchant portal for advanced account management and analytics across all channels.  As a secure Payment Service Provider, Flint also provides instant setup without a merchant account and low transaction fees.  Founded in 2011 and based in Redwood City, California, Flint is backed by top-tier Silicon Valley investors and mobile operators. For more information, visit http://www.flint.com.

SOURCE Flint Mobile