UK: £6m For Developer Of Online Teens Shopping Card
Splash Plastic, which is developing a pre-pay shopping card so that teenagers may make online purchases without owning a credit card, said it raised £6m ($8.5m) in its first round, Venturewire reported today. Investors in the round include GE Equity, Global Retail Partners, and Arts Alliance. The company said it will use the funding for product development.Splash Plastic will enable teen users to deposit money in "paypoints" located in major shopping areas. Deposits will be uploaded into the card holder's account and immediately become available for online shopping. The company is also partnering with UK payment distribution networks to develop a network estimated at 60,000 retail locations where the card could be uploaded.
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