Rixty Inc., a San Francisco, CA-based alternative payment platform that allows consumers without credit cards or bank accounts to create spending accounts for online entertainment, has raised $1.24m in seed capital.
The round was led by Javelin Venture Partners, with participation from Accelerator Ventures, First Round Capital, Freestyle Capital, Nueva Ventures, Soft Tech VC and other strategic angel investors.
Rixty’s platform allows consumers without credit cards or bank accounts, especially young consumers, to create spending accounts for online entertainment simply by taking their cash to one of 20,000 locations, including Coinstar kiosks and participating convenience stores.
The company will use the funds to accelerate growth of its publisher network, expand its product offering and increase its user base.
In conjunction with the financing, Noah Doyle, managing director of Javelin Venture Partners, and Keval Desai, vice president of product at Digg, will be joining Rixty’s board of directors.