SALT LAKE CITY, Feb. 23, 2011 /PRNewswire/ -- Fuze Network, Inc. ("Fuze") a payments technology company, today announced the completion of a $1.2M seed financing. Metamorphic Ventures of New York City and Kickstart Seed Fund of Salt Lake City led the investment, along with industry expert angel investors. The financing will fuel the growth of Fuze's Payments Gateway, which today enables customers to find and make payments today at over 17,000 banks and 100,000 retail locations nationwide.
"Fuze's highly disruptive business model stands to benefit from the proliferation of Visa and MasterCard Reloadable Prepaid Cards and the subsequent need for cardholders to conveniently and inexpensively add cash to their prepaid accounts," says Philip J. Philliou, payments industry consultant and investor.
"Our platform opens up new payment methods for millions of customers," says Fuze founder and CEO Dave Wilkes. "Our recently introduced Cash Locator service presents all locally available payment networks (ATMs, banks, cash back merchants, load networks) in a single view for the consumer and reduces payment transaction costs up to 75%, using existing point of sale infrastructure. Delivering reliable, lower cost and convenient payments - Fuze is delivering to the needs of the busy consumer."
About Fuze Network
Fuze Network is a payments technology company providing merchants and billers with radically low-cost options for their customers to find and make payments at over 17,000 banks and 100,000 retail locations nationwide. More information at www.fuzenetwork.com or call 888-FUZE-TEAM (888-389-3832).
Metamorphic Ventures is a seed/early stage fund investing in digital media and transaction processing technologies. Investments are focused on B2B web, mobile and app services and include FetchBack (sold to GSI Commerce), Tranvia (sold to Comdata/Ceridien), Transactis, OfferIQ, Tynt, MyLikes, Chango, and others. For more information, visit www.metamorphic.vc.
Kickstart seeks to back the most promising seed-stage companies and entrepreneurs in the technology-rich Mountain West region regardless of sector. Since 2008, Kickstart has become the most active institutional investor in the Mountain West. Many of Kickstart's Internet investments have focused in the B2B payments space including Panoptic Security and Chargeback Guardian. More information at www.kickstartseedfund.com.
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SOURCE Fuze Network, Inc.