Tapingo Raises $10.5 Million for Mobile Payments App
Published on: 6th Feb 2014
By: Ian Mansfield
Mobile payments app developer Tapingo says that it has raised USD10.5 million in funding lead by Khosla Ventures with participation from existing investor Carmel Ventures.
Tapingo is currently focused on university campuses, offering its mobile app to students and tying in with local retailers. The company describes it as a "perfect closed ecosystems of merchants and consumers who are short on time."
"Tapingo has built a vibrant two-sided marketplace of students and restaurants," said Ben Ling, an investment partner at Khosla Ventures and now Tapingo board member. "Once someone tries Tapingo, they're hooked and active -- using it multiple times a week. Restaurants, meanwhile, see greater efficiency and enjoy more sales."
Tapingo is currently live at 25 major universities across the USA. On these campuses, around 50 percent of the undergraduate population are actively making purchases on Tapingo every week, ordering between four to five times per week.
The company is evidently betting that if future consumers become hooked on the app while at college, they will want to keep on using it in the wider world when they leave.
The company has now raised USD14 million since it was set up in 2012.