Flint Mobile secures funds for Series B led by Verizon

Flint Mobile has announced an add-on in Series B funding from Verizon Investments, the investing arm of mobile and broadband provider Verizon Communications Inc. The Series B financing round raised a total of $8 million. Flint is a mobile payment service for small businesses.


Flint Mobile today announced the addition of invoicing, coupons, Apple Passbook support and other key enhancements to its no-card-reader mobile payment app, significantly expanding payment management and loyalty capabilities for small, service-centric businesses that operate outside of traditional storefront environments. Flint is the first mobile payment solution provider that integrates with the Apple Passbook virtual wallet, opening a lucrative new repeat business-generating channel without requiring iPhone users to download a separate mobile commerce app to house their digital discount offers.

Flint also announced an add-on in Series B funding from Verizon Investments, the investing arm of mobile and broadband provider Verizon Communications Inc. The Series B financing round raised a total of $8 million.

“Flint is focused on bringing business-building tools to the more than 17 million independent businesses in the U.S. that are highly mobile, from photographers, contractors and health and fitness professionals to IT consultants , freelancers, beauty professionals and beyond,” said Flint co-founder and CEO Greg Goldfarb. “With our latest upgrades, we now provide an easy-to-use payment, invoicing and loyalty solution through a single mobile app and online merchant portal without requiring extra hardware or consumer app downloads.”

New Invoicing, Coupon & Payment Features

Flint’s application uses the phone’s camera to securely scan credit card numbers instead of swiping them through an external card reader. The app is free with fees of only 1.95% per debit card transaction and 2.95% per credit card transaction. These benefits, instant setup and other features have fueled a more than tenfold jump in Flint transaction volumes since early 2013.

Major new capabilities in the latest release – now available for Apple iOS 6.0 phones or higher – include:

1. Easy invoicing with integrated payments – Merchants can now get paid faster by using the Flint app or merchant portal to create and send invoices to customers via email, and allowing customers to pay online from their mobile phone, tablet or computer without waiting for a check or bank transfer. Users can also track all invoices and send overdue reminders from either the app or merchant portal. Fees for online invoice payments via credit or debit cards are the same as for in-person card transactions (1.95-2.95%).
2. Coupons with industry-first Apple Passbook integration – Customized coupon offers can now be easily created from the app or merchant portal, seamlessly emailed to customers, and applied to transactions simply by scanning with the Flint app to help drive repeat business. Customers will receive an email with the coupon code. They can then add coupons to their Apple Passbook app with a click for one-stop storage with other “passes” such as gift cards, loyalty cards, and airline and entertainment tickets, instead of downloading a separate app as required by other solution providers. Consumers without Passbook can redeem coupons via a QR code in each email. The app also allows merchants to send automated reminders before a coupon expires to encourage re-engagement. All these features are included at no additional charge.
3. Cash or check payments – In addition to credit/debit cards, merchants can now use Flint to manage cash and check transactions including sending custom e-receipts and coupons – with no fees. Users can track all payment types in one account and export data as needed.
4. Multiple item support – Flint now can handle multi-item transactions, including automatic calculation of the total amount due and any applicable taxes. Merchants can also add custom payment amounts and apply discounts to transactions.

Invoicing is also now available for Flint’s Android users through the merchant portal. The other new features will be added to Flint’s Android app in the near future.
Series B Round Joined by Verizon Investments
The addition of Series B funding from Verizon Investments expands Flint’s resources for continued product development and customer acquisition for the company’s mobile payment platform. Flint previously announced funding from new investors Digicel and SVG Ventures, as well as earlier investors Storm Ventures and True Ventures.

“We’re extremely pleased to add Flint to our investment portfolio,” said Daniel Keoppel, Executive Director at Verizon. “Our goal is to find opportunities to grow promising entrepreneurial businesses that help drive innovation.”

About Flint Mobile, Inc.
Flint is a mobile payment service for small businesses that makes it easy to accept credit cards and increase customer engagement. Designed for businesses that operate outside of traditional retail stores, Flint’s iOS and Android apps allow users to take credit cards without a card reader – by scanning instead of swiping – or via online invoice payments. To facilitate customer loyalty and referrals, the all-in-one platform also offers digital coupons, online social reviews, and a merchant portal for payment tracking, invoice management and more. As a secure Payment Service Provider, Flint also provides instant setup without a merchant account and low transaction fees. Founded in 2011 and based in Redwood City, California, Flint is backed by top-tier Silicon Valley investors and mobile operators.