PASADENA, Calif., Aug. 30, 2012 /PRNewswire/ -- Innovative digital wallet and credit card company Wallaby Financial announced today it received a $1.1 million round of funding from multiple investors. The primary investors are Founders Fund Angel and WI Harper Group with participation from SLP Ventures, Lion Wells Capital, and additional high-profile Los Angeles-based angel investors including former Green Dot and financial services executives. Wallaby received additional backing from MuckerLab, where it became a member of the first class of start-ups to emerge from the Santa Monica based accelerator program earlier this year.
Wallaby Financial is the developer of the Wallaby Card, an intelligent cloud-based wallet that helps the average consumer who holds multiple credit cards optimize his credit card rewards and benefits automatically. The Wallaby Card reviews each customer's current credit cards, and directs spending on the Wallaby Card to the most advantageous card based upon the type of transaction, limited time offers, and other key factors in real time.
"I'd like to thank our investors for placing their confidence in our innovative service which is simplifying a typically painful process," said Matthew Goldman, co-founder and CEO of Wallaby. "With so many cards available for consumers, it can be a challenge for them to use the right one to maximize their rewards. Our intelligent system is able to select the correct card so the user collects the rewards that matter most to them without any hassle at the point of sale. This funding allows us to further expand and refine our program to the benefit of consumers, merchants and banks."
"Wallaby makes consumers' lives more convenient and efficient by consolidating into one the valuable but unwieldy set of cards in their wallet, while maximizing returns from loyalty spending. Founders Fund Angel is happy to back the company and its extraordinary founders," said Bruce Gibney, Partner at Founders Fund Angel.
Edward Liu, Head of Technology, Media and Telecom at WI Harper Group commented, "Wallaby has attracted considerable interest in a short amount of time, and we are excited to work with the company on their international and mobile expansion plans With management's deep domain expertise and our extensive network, we are confident Wallaby can and will disrupt the marketplace by providing both retailers and consumers the opportunity to take full advantage of the payment system."
Wallaby Financial, led and co-founded by Matthew Goldman, CEO, and Todd Zino, CTO, is a Winter 2012 graduate of the Santa Monica, Calif.-based MuckerLab, a mentorship-driven startup accelerator focused on serving Internet software, services and media entrepreneurs in Los Angeles and broader Southern California. For more information about how Wallaby is changing the credit card landscape or to join the Wait List for the Wallaby Card Beta, visit www.walla.by.
About Founders Fund
Founders Fund provides capital to transformational businesses run by world-class entrepreneurs. Companies the firm has backed include SpaceX, Palantir Technologies, Spotify, Knewton, ZocDoc, and Practice Fusion. The firm, which pursues a founder-friendly investment strategy, is managed by six partners: Peter Thiel, Ken Howery, Luke Nosek, Bruce Gibney, Brian Singerman, and Sean Parker.
About WI Harper Group
Founded in 1993, WI Harper Group is one of the founding venture capital franchises in Greater China. The firm invests in early and expansion stage companies with significant operations in China and aspirations to become global leaders. We are an active partner with a track record of over 100 investments in the technology, clean technology and health care sectors. The firm manages over $750 million in committed capital from our offices in Beijing, Taipei and San Francisco. For more information, please visit www.wiharper.com.
About Wallaby Financial
Wallaby Financial offers the innovative Wallaby card, the first service that brings together a flexible, cloud-based wallet with an intelligent, connected physical credit card that can be used at any location where major credit cards are accepted. Wallaby maximizes your credit card rewards earnings automatically based on your cards, your preferences & where you are shopping with a real-time algorithm. We also connect you to marketing offers from merchants & banks with social mechanics. Wallaby is dragging payments into the 21st century. For more information, please visit www.walla.by.
SOURCE Wallaby Financial