BBVA announced on Tuesday its investment arm Propel Venture Partners led the latest funding round for invisible payments firm, Grabango. Founded in 2016, Grabango describes itself as a “leading” provider of checkout free shopper technology for existing stores. The company claims its solution is the only enterprise class offering in the market.
“Grabango’s system is designed to accommodate thousands of store locations and tens of thousands of SKUs.”
According to BBVA, the Grabango platform includes a fault tolerant, edge, or decentralized, computing network that accurately processes millions of simultaneous transactions. This means the business is able to handle the demands of enterprise-scale customers looking to adopt its technology. While sharing more details about the company, Will Glaser, Grabango’s Founder and CEO, stated:
“Our goal is to forever change the way people interact with things. As Arthur C. Clarke taught us, advanced technology can be implemented so well that it feels like magic. We don’t want to be the center of attention, but rather for our systems to work so smoothly in the background they are completely taken for granted.”
Grabango’s Series A funding round, which Propel Ventures Partners led, raised $12 million, bringing the business’ total funding so far to $18 million. Ryan Gilbert, general partner at Propel, and who will be joining the Grabango Board of Directors, added:
“Grabango hits the target for brick and mortar retailers aiming to deliver a smoother shopper experience and a better bottom line. We’ve looked at all the checkout-free technology providers and Grabango is the only true enterprise scale provider in the market today.”
