CoinFlip Secures Seed Funding to Enable Electronic Benefits and Points to Be Applied as Payments
Investors in the CoinFlip Benefits Payment Platform include Shoreline Venture Management, JetBlue Technology Ventures and Heads or Tails Investments
PALO ALTO, Calif., June 14, 2018 (Newswire.com) - CoinFlip Solutions Inc. (CoinFlip), an innovative benefits payment platform technology solution today announced it has secured seed funding, with participation from Shoreline Venture Management, JetBlue Technology Ventures, and Heads or Tails Investments. The technology startup partners with Loyalty Points and Rewards issuers, Health Plans, Membership Organizations, and Benefits Program Administrators to help enable the seamless conversion of program benefits to cash that can be spent at point of sale, resulting in increased spending power for consumers and new revenue for retailers.
“We’ve covered all of the bases that provide 100 percent ubiquity for the shopper while removing redemption limitations for our partners that typically prevent national or global scale,” said Bill Catania, CEO, CoinFlip. “CoinFlip offers a ‘swiss army knife’ of options for how a shopper can pay with alternate currency at check-out or receive cash back directly via PayPal or Direct Deposit.”
With over $100Bn in “unclaimed” points and rewards according to the latest brand loyalty reports and a growing investment by Health Care Plans and Federal and State Agencies to provide nutritional benefits and healthy eating incentives, CoinFlip is focused on providing a solution to navigate the ecosystem, including program management, workflow between funding partners and retailers, and “real-time” payment during check out.
"We immediately saw the value in what CoinFlip was tackling. Unclaimed funds like points and miles are massive sources of potential spending for the consumer. With most businesses now feeling the pressure to have a loyalty program to stay competitive, the opportunity is getting even larger,” said Peter Craddock, Managing Director, Shoreline Venture Management. “The CoinFlip team convinced us that they had the experience and the tech chops to get it done.”
CoinFlip’s technology applies funds in real-time during the check-out process through its integrations with leading point of sale systems and payment terminals, along with leveraging ISO 8583 payment standards and direct-to-consumer digital cash rebates. Its reporting platform then connects marketing activity through to redemption at store to support ongoing program optimization and give partners ‘one view’ of their shopper.
“The loyalty landscape today is in transition. CoinFlip has created a solution which can bring everyday relevance to loyalty programs, unlocking value for both consumers and businesses,” said Bonny Simi, President, JetBlue Technology Ventures.
CoinFlip deployed its pilot live to shoppers in June 2017, which saw joint projections exceeded by the halfway milestone. With newly-raised capital and the support of investors, CoinFlip is actively scaling its retail footprint and program nationally in 2018 across multiple retail channels including grocery, medicine, drug, convenience, big box, and eCommerce.
CoinFlip is a cloud-based platform that enables electronic benefits and points to be applied as payments. CoinFlip offers retailers and partners a wide range of integration options, including direct point of sale, loyalty platform, payment terminal, receipt scan and use of the ISO 8583 payment standard. CoinFlip’s diverse integration capabilities allow its partners to reach a national footprint quickly, with the ability to deliver pay with points, restricted spend and savings programs to their membership base. For more information, please visit www.coinflipsolutions.com.
About Shoreline Venture Management
Shoreline Venture Management invests in enterprise software and med-tech companies based in the Western U.S. and Canada. The company is primarily focused on seed and early-stage opportunities that address unmet needs in large markets and are capital efficient during proof of concept and again at scale. Shoreline remains actively engaged with their portfolio companies as they grow and leverage the decades of experience with the Shoreline Managing Directors, Venture Partners and Advisors to help them anticipate and rapidly address key problems and strategic opportunities. For more information, please visit www.shorelineventures.com.
About JetBlue Technology Ventures
JetBlue Technology Ventures invests in, incubates and partners with early-stage startups at the intersection of technology and travel to improve the entire travel experience. The company prioritizes investments that advance the customer-centric journey; technology-empowered customer service; the future of operations and maintenance; revenue management, sales & distribution; and new regional transport ecosystems. Founded in 2016, JetBlue Technology Ventures is a wholly-owned subsidiary of JetBlue (NASDAQ: JBLU) and is located in Silicon Valley, California. For more information, visit www.JetBlueVentures.com.
About Heads or Tails Investments
Heads or Tails Investments provides capital to early stage technology companies. Their investments center on companies with strong management teams whose technology provides the opportunity for rapid, diversified, and scalable growth. The team is comprised of successful entrepreneurs who draw upon real-world experience in helping advise our early stage portfolio companies.
Sam Farnum or Bill Catania
3150 Porter Dr.
Palo Alto, CA 94304
Source: CoinFlip Solutions Inc.