Woburn-based Loop has raised $10 million in Series A funding from angel investors including Will Graylin and George Wallner. Loop has built a gadget and an accompanying application that has the potential to change the way we think about mobile payments.
No more swiping credit cards through shoddy add-ons or scanning QR codes. To use Loop's tech, one need only put his phone in the custom case, synch his credit cards to his account and wave it next to a card scanner to make a payment.
Damien Balsan, Loop's Business Development and New Revenue Strategist, demonstrated how the tech works by picking a random café on Boylston Street, walking in, asking for a croissant and waving his phone next to the register. A second later, his receipt printed.
Loop's tech uses magnetic induction, in much the same way as the phone charging stations at Starbucks. At present, Balsan says Loop will work in about 90 percent of retailers around the country, but no gas stations. At least, not yet.
The Loop Kickstarter has raised 111 percent of its funding goal, and the campaign ends this upcoming Thursday. If you contribute now, you can get your hands on Loop immediately. If not, you will have to wait until the product is live, which is expected to be at the end of December.
"We are very excited," Balsan told BostInno. "But it is still a learning cycle. Right now, it's all about making the customer happy."
Check out Loop's Kickstarter video below.
