Billing Revolution raises $6.6 Million for Mobile Payment Services

The Seattle based start-up company, Billing Revolution, has recently managed to raise $6.6 million in the series B of funding. This funding round has been led by the venture capital firm, DCM with the participation of SKTelecom, the venture capital firm which led the company’s first round of funding. This round of funding had the intention of raising money in order to develop the company’s system of mobile payment services.

Andy Kleitsch, the CEO of Billing Revolution, has declared that the money gathered in this B round of funding are going to be used in order to expand the sales team and the development team of the company and in order to open an office in San Francisco. He stated that “Essentially we’ve taken the last four years and built the platform, created some big partnerships, conquered some vulnerability assessments and built the infrastructure that was needed to provide a secure single-click checkout. And so it’s all been market validation and technology to this point. And now we’re taking this new round of financing and really going after the market with additional sales force and additional developers.”

Billing Revolution is a company that has been founded in Seattle in 2007 as a start-up which provides an innovative service called Single0Click Checkout. This service allows merchants to accept credit card payments made from mobile phones. This service used the already existing merchants’ accounts, such as PayPal or chase, and it allowed customers to buy physical or online goods or services by using their Android or iOS smart phones. The CEO of Billing Revolution declared that the most important clients for their product were the app stores, the digital goods providers and the social game producing companies. He also stated that it is their intention to expand this target audience as to include other customers in the future, especially those who focus on purchasing more physical goods.

He has added that “The solution is really well suited for physical goods merchants, and it’s how we differentiate quite a bit from other guys in the marketplace today. Pizza guys can’t sell pizza if the phone company is going to sit on (their) money for 90 days and take 30 percent. But with our solutions, we sit on top of the merchant’s existing merchant account so…now they can easily accept a credit card from a mobile phone and have that user check out with a single click.”

Even though Billing Revolution still qualifies as a small, start-up company which only has 10 employees by the very moment, it is important that the company managed to raise money and that the CEO of the company, Andy Kleitsch, intends to use part of the amount raised in this B round of funding in order to expand not only the sales, but also the number of employees as Kleitsch declared that the actual number of persons working for the company is to double during the year to come.