Privacy Raises $10.2 Million in a Series A fundraising Round

Banking CIO Outlook | Monday, July 20, 2020

Virtual card payment startup Privacy raised $10.2 million in a Series A fundraising round

FREMONT, CA: Virtual card payment start-up Privacy raised $10.2 million in a Series A fundraising round. The Series A round was led by Teamworthy Ventures, with participation from Tusk Venture Partners, Index Ventures, Quiet Capital, Exor Seeds, and Rainfall Ventures.

The startup can be used to generate virtual and disposable payment card numbers for free, allowing those users to maintain their actual credit card numbers safely while allowing the option to cut off companies from the bank account. Nowadays, near-constant data breaches and credit card skimmers targeting unsuspecting websites, Privacy makes it harder for hackers to get your real credit card details.

Privacy has never issued anything other than 5 million virtual card numbers.

Privacy’s chief executive Bo Jiang said that the new funds would help the company launch its new Card Issuing API — in beta testing for the past year — allowing corporate customers to issue virtual cards and manage expenses for their employees back-end systems.

“We’re the first company that allows developers to see upfront, transparent revenue sharing and sign up and create cards programmatically the same day,”

Privacy will primarily serve early-stage enterprise companies, which “traditionally need a lighter weight solution for their online payments,” said Jiang. “It’s an underserved market, because most incumbents focus on the larger enterprise with monthly minimums and long time frames.”

Jiang also mentioned thoughts round would help the company “hire and ramp up product development at a much faster pace” as part of its push to serve more enterprise customers.

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