SparkBase, a Cleveland, Ohio-based provider of white-label reward program and gift card processing to ISOs and acquirers in the financial services industry, has raised over $3m in a Series A funding.
Investors include the North Coast Angel Fund, the Ohio TechAngels, and Blue Olive Partners.
The company intends to use the funds to accelerate the development and deployment of its technology platform and roll out new products, including Paycloud, a mobile wallet technology, which is scheduled to launch this summer.
Paycloud is designed to allow smartphone users to consolidate all their loyalty, gift and reward cards in a single app, provide single click enrollment in merchant loyalty programs and enable those merchants to broadcast specials and coupons directly to a receptive audience.
Founded in 2004 and led by CEO Doug Hardman, SparkBase has 30 employees and plans to double that this year.