SANTA CLARA, CA--(Marketwired - January 31, 2017) - Qvivr, a mobile payments technology company redefining personal finance for consumers, announced it has completed a $5 million Series A round of financing. Khosla Ventures led the investment round with participation from global investors including one of the largest multinational banks based in Asia. This investment will help the company expand its sales as well as broaden and accelerate product development and introduce Qvivr into new markets in 2017.
Qvivr plans to ship its first product, SWYP, as planned later this year. The company is currently developing a new product offering aimed at millennials which will simplify management of personal finances while providing unique customization and convenience.
"We are pleased to have the support and backing of premier investors in Khosla Ventures and our banking partner," said Ashutosh Dhodapkar, founder and CEO, Qvivr. "This funding will enable us to look at global distribution and meet our new product development objectives which will be announced later this year. We have learned a lot over the last couple of years with our first product, SWYP and are excited about what the future holds when it comes to delivering a brand new experience for the next generation of consumers."
Over the last two years, Qvivr developed SWYP, the world's first smart wallet, and will continue to focus on bringing it to market while leveraging the technology it has developed and its learnings to create a brand new mobile banking experience for the next generation. The Millennial generation is keen to consume new and alternative financial services and more interested in using mobile phones to conduct banking and payment activity1.
"The mobile payments ecosystem is complex and while there has been much progress we believe there is still room for new approaches and technologies, especially for millennials who expect convenient, well-designed user experiences from their financial partners," said Keith Rabois, General Partner at Khosla Ventures. "We are excited by the Qvivr team's vision and thrilled to be a part of the next wave of advancements in mobile payments."
About Qvivr, Inc.
Qvivr is a mobile payments technology company redefining personal finance for consumers and maker of the world's first smart wallet, SWYP. Born in Silicon Valley in 2013, Qvivr is headquartered in Santa Clara, California. To find out more or to join the team, visit www.qvivr.com
1 Millennials with Money Revisited: Updates from the 2014 Consumer Payments Monitor, December 2015