Coin is presently raising approximately $15 million in a Series A financing, according to several sources familiar with the matter. Redpoint may be an investor in the said round, wrote TechCrunch.
Founded by Kanishk Parashar and K9 investor Manu Kumar, Coin functions as a replacement for credit cards. Like a normal credit card, the bluetooth-powered wallet can also be swiped, but it has a button that switches between your AMEX, personal Visa, and business credit card. Coin was put up for pre-order last November via its self-hosted crowdfunding campaign, the report detailed.
The credit card wallet has been reported to have hired new engineers. This could be a sign that the firm is expecting a new capital injection soon, or that the Series A round has already closed, the report said.
When paired with a smartphone, Coin will alert a user if a credit card is left behind. The device also has a security feature that can identify fraudulent activity immediately. The credit card replacement costs $50 each, plus a $5 shipping fee, if the buyer participates in the pre-order phase. The device will cost $100 when it officially goes on sale, TechCrunch reported.
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