Providing instant gratification to ever-needy consumers, Fatshoe Incentive Systems Inc. is expected to announce today that it recently secured $6.25 million in Series A venture capital financing led by Espirito Santo Group.
Founded last July, New York-based Fatshoe was initially funded by strategic angel investors.
“We went after strategic investors and entities that could help build our payment platform,” said Anil Aggarwal, co-founder and chief executive of Fatshoe.
The purpose of that platform is to enable businesses to enhance the acquisition and retention of customers, partners and employees. Using its FLIP and GRIPP technologies, companies are able to create customized promotional campaigns and transfer real money onto Fatshoe VISA cards.
Aggarwal argues that more traditional advantages such as online currency and frequent flier miles are both dated and overpriced compared to Fatshoe. program advantages.
“[We are] the only company that can provide a one cent load,” he said, in reference to how the Fatshoe system can provide its user with as little as one penny of real money instantly transferred onto a Fatshoe VISA card.
Fatshoe initially coupled with Allfirst Bank, and released the first pre-paid card – following later with the payment platform. Through innovative technology, Fatsh oe offers rewards to business customers or employees that respond to direct marketing, loyalty and promotional campaigns. Offering real money, users can purchase services and materials online or off-line anywhere VISA is accepted.
Looking for international expansion, several alternate companies were under consideration for first round investments. However, along with its subsidiaries, BES.com, SGPS, and Banco Espirito Santo de Investimento, Espirito landed the deal offering more secure international capabilities. Aggarwal says that international expansion was a key factor in choosing a partnering company and with banks in Europe, South America, and Asia, Espirito was the obvious choice.