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BBVA leads USD 12 mln funding in paytech Grabango

Wednesday 9 January 2019 | 12:55 PM CET

Silicon Valley payments startup Grabango has raised USD 12 million in a Series A financing round.

BBVA’s Propel Venture Partners led the investment with participation from Ridge Ventures, Abstract Ventures, Commerce Ventures, and Founders Fund.

The company will use the funds to recruit more product development staff and expand client store deployments with checkout-free technology.

For BBVA, this follows on from March 2018 when it said it was developing payment methods based on biometric technologies to make checkout at stores “invisible”.

It was already being used in cafeterias and restaurants at Ciudad BBVA – its complex of seven buildings that houses its headquarters in Madrid.

Also, last week the bank revealed that 50% of its customers are now using its digital channels.

The start-up says it signed to four (unnamed) US store chains and filed 17 patents for its checkout-free technology.

More: Link