Macquarie slips $20m into Stocard’s mobile wallet
Mobile wallet firm Stocard has landed $20 million from Macquarie Capital, with follow-on financing from original investors Shortcut, Alstin, Rocketship, HTGF and Engelhorn.
Stocard co-founder and chief executive Bjorn Goss said the company would use the funds to launch a mobile payment functionality, recruit 40 employees across engineering, sales and marketing, and expand into new markets starting with the opening of its Paris office this week, then Toronto in the coming weeks.
“It’s no longer a question that wallets will go mobile; the question is around how to execute the transition with the consumer’s best experience in mind,” he said.
“Digital will reshape the shopping process and experience, as mobile wallets rebundle services around shopping, financial services and much more. The fresh capital injection, combined with Macquarie’s track record in helping companies scale up is a perfect fit at this stage of Stocard’s growth.”
The app lets users store loyalty cards in one app and collect points and reward points without carrying around plastic cards.
It has about 2.2 million users in Australia, with the app growing its local user base every month.
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