CardSpring, a new payment technology firm, announced raising $10 million in Series A investment, led by Accel Partners and Greylock Partners. CardSpring offers a new API platform for integrating payments and couponing and loyalty applications.
Despite the rapid growth of ecommerce, more than 90% of purchases are still offline, and connecting web-based promotions with in-store purchases has long been the holy grail of online marketing. However, the process for any website to access the required payment information to make this connection to “close the redemption loop” is technically daunting and rarely done due to the complexity and security challenges of accessing the payment network.
CardSpring’s platform addresses the typical complexity of working in the payment network environment.
Traditionally, access to payment network data has been through batch file transfers, requiring complex, multi-month implementation cycles. CardSpring’s platform dramatically simplifies this process by providing a modern, secure REST API that lets any developer easily create secure, card-linked applications in minutes and respond to payment events in real time through API calls (WebHooks). The platform manages the complexity and security/PCI requirements of interacting with the payment network, enabling developers to focus on creating a new generation of online / offline application services for retail stores and shoppers.
CardSpring is currently launching the platform in private beta testing.