Ribbon, the recently launched company that makes digital payments has rounded off seed funding of $1.6 million, as reported by Sarah Perez. The company has launched a new method of purchasing of products from Facebook News Feed. This round was led by Tim Draper’s Draper Associates, Siemer Venture, Emil Michael( Klout COO) , Naguib Sawaris, Winston Ibrahim( Hydros) and Microventures as reported by TechCrunch.
The company had earlier raised $ 1, 20,000 form AngelPad, Sierra Ventures and Interwest Partners reports Techcrunch.
Ribbonlaunched in 2012; was a part of a fall series of the company AngelPad , earlier named as Klout Inc. Ribbon provides consumers the easiest way to sell products and make digital payments, with the help of social media. This may include various social networking sites like Facebook, Twitter, Linkedin, YouTube, Pinterest etc.
It is a one page experience for users as they are identified by auto detection method, while customers make transactions. Ribbon charges 5 percent in addition to 30 cents per transaction. With Ribbon, social e- commerce has become easier than before.
“This is even a step shorter, We want to save your credit card as soon as you use it, give you one-click checkout as soon as you buy, and it’s truly in-stream at this point.” says co-founder Hany Rashwan of today’s launch of in-stream payments.
Very soon the company will create accounts for its Ribbon users, and mail the receipts after purchases. Currently, the interface uses Flash in-stream to code the payments. Mobile users can click on the link that leads to a series of details such as the product photo price and inventory details. If the consumer clicks on ‘Purchase’, the next process begin, that is entering their payment and billing details. Since the company is new, the numbers of service users are not mentioned. However, the company is targeting consumers of all type which includes small, medium and the elite class of people who want to sell their products using this service.