$8 million for m-payment system raised by Bling Nation

Mobile payment infrastructure service Bling Nation raised $8 Million in Series A funding to set up the required infrastructure for its Redi Pay Bling mobile payments service. Thus, leading investor Light Speed invested $6.3 million and the rest of $1.7million was funded by Meck.  

Under the service’s requirement the banks is to give customers sticker to put on their cell phones that contain radio frequency identification (RFID) tags with special security features, which can be used in combination with the phone.  

Aiming to attract customers, merchants also offer instant reward programs. Bling Nation lets consumers pay merchants with the tap of a mobile phone instead of using a credit card or cash. Additionally, merchants cut interchange fees, and banks increase income. 

Eric O'Brien, Managing Director at Lightspeed Venture Partners stated “This tremendous market opportunity, coupled with a management team unparalleled in track record and industry experience, makes Bling Nation one of the most exciting new investments in Lightspeed's portfolio.