Eric Schmidt Invests In Twitter Payments Service
Outgoing Google CEO Eric Schmidt has invested in Twitpay, which is developing a platform for users to send money directly via Twitter. The companies didn't disclose the size of the investment. Schmidt's Tomorrow Ventures joined with CompuCredit Holdings, which helps provide financial services for "underserved" Americans, in the investment. Tomorrow's previous investments include several other online payment and finance startups, including Prosper, a peer-to-peer lending marketplace, and Giiv, which lets users send cash gifts via SMS.
TomorrowVentures and CompuCredit Holdings Corp Invest in Social Payments Leader Twitpay
ATLANTA, Feb. 3, 2011 – Atlanta-based Twitpay, the leading provider of social media payment technology, has secured growth funding from TomorrowVentures and CompuCredit Holdings Corporation. Twitpay was founded in 2008 and offers a platform-as-a-service into three core markets: nonprofit organizations looking to raise funds directly over Twitter, social gaming developers offering virtual currency, and retailers facilitating social commerce. This new round of funding will be used to expand its existing service offerings.
“We are very excited about our investment in Twitpay. The convergence of social media and mobile payments will drive tremendous opportunities in the social media value chain. We believe that Twitpay, with its sophisticated payments platform and mobile wallet technology, is positioned to be the dominant player in this segment,” says Court Coursey, Managing Partner, TomorrowVentures.
David Hanna, CEO of CompuCredit Holdings Corporation adds, “Combining social media with an alternate payment channel opens up enormous marketing opportunities for Twitpay partners. We are very impressed with the breadth and flexibility of Twitpay’s technology platform and management’s ability to identify a need in the marketplace and quickly build and market a solution to fit that need.”“We are looking forward to leveraging the knowledge, relationships and skill sets of our new investors. Both TomorrowVentures and CompuCredit fully grasp the power of monetizing social media and how our platform can make that a reality,” says Kenny Douglas, Executive Vice President of Twitpay. “Each of our new investors has a long track record of identifying and nurturing leading technology innovators, and their expertise will be a tremendous asset for our company,” adds John Beisner, Executive Vice President.
Twitpay offers its clients both a comprehensive social management platform as well as a mobile payments tool utilizing Twitter’s prevalence as a mobile network. Expansion into the for-profit world is producing a variety of promotional opportunities for merchants, with offers delivered immediately both online and through mobile and tablet applications. Consumers will be able to transact immediately within their preferred social environment.
Twitpay recently announced a partnership with Incomm, another Atlanta-based corporation, to offer social gaming publishers access to a customized promotion and lead generation platform designed specifically around the social gaming model. The first social gaming campaign is due out in early 2011.
Morgan Keegan acted as exclusive financial advisor to Twitpay on this transaction.
About Twitpay:
Twitpay is the leading provider of payment systems solutions for social media networks. Headquartered in Atlanta, Georgia, its patent pending technologies and breakthrough applications allow organizations to turn their social networking investment into measurable results. For more information, visit www.twitpay.com or follow @twitpay on Twitter.TomorrowVentures is an opportunistic investment firm with a focus toward seed and early-stage venture capital investments that develop innovative ideas that have the power to change the way people live, interact, and thrive. Founded in 2009 with a unique approach to venture capital and an extensive, diverse base of experience and expertise, TomorrowVentures adds value far beyond capital. Its goal is to grow companies capable of transforming technology, lifestyle and philanthropy. For more information about TomorrowVentures, visit www.tomorrowvc.com.
About CompuCredit:
CompuCredit Holdings Corp. (NASDAQ “CCRT”) is a specialty finance company and marketer of branded credit cards and related financial services. CompuCredit provides these services to consumers who are underserved by traditional financial institutions. Through corporate and affinity contributions focused on the underserved and un-banked communities, CompuCredit also uses its financial resources and volunteer efforts to address the numerous challenges affecting its customers. For more information about CompuCredit, visit www.CompuCredit.com.Media Contact:
Twitpay
John Beisner
john@twitpay.com
(678) 809-1718
