Los Angeles-based venture investor Core Innovation Capital is backing mobile payments provider Wipit, in a Series A funding, the companies said this morning. Size of the investment was not announced. As part of the funding, Arjan Schutte, Managing Partner at Core Innovation Capital, will join Wipit's board of directors. Wipit is also based in Los Angeles. According to the two, the investment will go to expand adoption and development of Wipit's mobile payments and financial services offerings. Wipit is currently offering up its mobile payment service via Boost Mobile.
Wipit's mobile payment service is aimed at "underbanked" consumers, letting users load up a "virtual wallet" on their mobile phone with cash. Those consumers typically do not have access to a bank account or credit card that would let them fund an online or digital transaction. Wipit is currently in the market, and is running the co-branded Boost Mobile Wallet program. Core Innovation Capital joins H&R Block and Euronet Worldwide as investors in Wipit, which is led by Richard Kang.More information »