US-based payment card technology developer Privacy.com collected $10.2m yesterday in a series A round featuring Exor Seeds, the fund formed by reinsurance provider PartnerRe and its parent group Exor.
Venture capital firm Teamworthy Ventures led the round, which included Rainfall Ventures, Tusk Venture Partners, Index Ventures and Quiet Capital.
Founded in 2014, Privacy.com has built a software platform that allows users to create virtual credit and debit cards that can be used to make payments online. They have the option to set spending limits on each card, allocate them to specific users or close them when necessary.
Bo Jiang, Privacy.com’s CEO, said: “Many existing payment processors espouse being developer-first, but their solutions still take months to build, cost thousands of dollars and require customers to sign a [non-disclosure agreement] before sharing pricing.
“We decided to build the most efficient, transparent and easiest way to issue virtual cards. Privacy.com makes it possible to issue a virtual card in hours and provides all the pricing upfront, making it friendlier for developers everywhere.”
The series A funding will enable the company to strengthen its technology. Index Ventures led its $2.2m seed round, which included Rocketship.vc and unnamed angel investors, in 2016.