Twitter Inc. has announced that it has acquired San-Francisco-based payment startup, CardSpring for an undisclosed amount. The other terms and conditions are still undisclosed.
Post acquisition, CardSpring will continue to grow its platform and work with their publisher, financial, and retail partners to create new, innovative commerce experiences for consumers. Also, CardSpring has previously partnered with Foursquare and others as a way to try to connect businesses with their offline shoppers.
CardSpring was launched by Co-Founders Amit Kumar, Jeff Winner, Eckart Walther and Geraud Boyer. It offers an application platform enabling Web and mobile developers to write applications for credit cards and other types of payments. The company had secured two round of investment and having a total capital of USD 10 million, till date. The firm is backed by 8 investors such as SV Angel, Morado Venture Partners, Data collective, Felicis ventures and others.
CardSpring commented on the acquisition in its own blog:
We started CardSpring with a vision to develop a new type of platform that enables digital publishers and retailers to work with the payment industry to create a new generation of commerce experiences for hundreds of millions of offline shoppers. We see the intersection of payments and digital media as an opportunity to revolutionize how consumers use credit and debit cards, while helping retailers to connect and communicate with their offline shoppers – much in the same way the Internet has enabled online stores to create relationships with their online customers.
Till date, Twitter had made 37 acquisitions including 8 deals which closed this year such as Tap Commerce, Namo India, Gnip, Cover Lockscreen, Mesagraph and Secondsync. It is consisting of 102 members in its team and having total capital of USD 1.2 billion.
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