Bumped, a Portland, OR-based developer of an app that gives customers fractional shares of stock for spending with the brands they prefer, closed a $14.1M Series A funding round.
This included $11.7M in new funding led by Canaan along with existing investors including Peninsula Ventures, Commerce Ventures, and Oregon Venture Partners. In conjunction with the funding, Dan Ciporin of Canaan will join Bumped’s Board of Directors.
The company intends to use the funds to expand operations through engineering and brand sales hires.
Led by David Nelsen, Founder and CEO, Bumped is an app that tracks spending with participating publicly traded companies, then gives customers a percentage of their purchases back in fractional shares of stock.
It works by enabling users to link a debit or credit card to the app, spend with that card at their favorite partner brands and get stock in those companies.
The brokerage services are provided by Bumped Financial, LLC, member FINRA/SIPC.
Right now, the Bumped app is used by the Bumped team and “friends and family” testers. Once the company will be satisfied that the app is ready to scale, they will start inviting folks on the waitlist to sign up.