Kash Corp., a San Francisco, CA- and Waterloo, Canada-based mobile payments startup, secured $2m in seed funding.
Backers included Draper Associates, Green Visor Capital and Structure Capital.
The company intends to use the capital for product development of its solution, and expansion of its marketing and expansion efforts.
Led by Kaz Nejatian, CEO, Kash provides retailers and retail customers with a mobile payments platform to allow users to avoid the traditional credit card network by utilizing the money already in their bank account to directly pay for purchases. This enables merchants to increase checkout speed, track customer spending patterns and digitally promote loyalty programs straight to the end user. Instead of charging merchants 3% or 4% per transaction, Kash processes payments for as little as 0.25% and many times for free. The solution is also completely free of charge for retail customer use.
Originally started in Canada, the company moved to San Francisco to join the Y Combinator summer 2014 batch.