Privacy, the software maker that protects consumers’ digital rights, announced Tuesday (Dec. 13) it launched its first payments product aimed at keeping consumers’ personal information secure. In conjunction with its first payments product, Privacy announced it raised $2.2 million in a seed round of fundraising. The round was led by Index Ventures and included investments from Rocketship.vc, as well as angel investors. Privacy, which just exited its private beta, said the proceeds of the round of fundraising will go to develop products, hire more engineers and support its growth efforts. The company said it exited beta at an ideal time given the holiday season often sees an uptick in fraud. The startup pointed to a Nilson report, which forecasted credit card fraud will exceed $3 trillion by 2020. Privacy combats that by generating a new virtual card for every credit card transaction a shopper makes, protecting them from credit card fraud, data breaches and identity theft. Available for free on Apple iOS and Google Chrome, Privacy allows users to create “burner cards” with one click that terminate after one transaction or general cards that can be used for recurring transactions at merchants they trust. “We believe there is a better way to spend privately and securely than with credit cards, while enjoying an unprecedented level of convenience and control over your spending and personal information,” said Bo Jiang, CEO and cofounder of Privacy, in a press release announcing the development. “We learned a great deal from our early supporters, and we’re excited to release the product to tens of thousands of users on our waitlist.” In conjunction with its first payments product, Privacy announced it launched a rewards program dubbed Privacy Rewards. The program will be rolled out during the course of the next few months and will provide customers with offers, including cash back to your bank account and refer-a-friend rewards. “In a world where fraud, theft and auto-renewals are making consumers feel increasingly vulnerable, Privacy gives them peace of mind that their information is safe,” said Mark Goldberg, lead investor from Index Ventures. “Consumers want to take back control of their online payments, and Privacy empowers them to do so with its fast and simple solution.”
Software creator Privacy has launched its first payments product for keeping personal data secure, in conjunction with a £ 2.2 m seed funding round. Designed to tackle credit card fraud, which is predicted to surpass $ 3tn by the next few months , Bo Jiang enables the creation of virtual “burner cards” with a simple click that end after tens of thousands transaction, or can be used for multiple transactions with individual trusted merchants. The software is free on Apple iOS and Apple iOS , and is available alongside Privacy Rewards , an offers programme that gives cash back and refer-a-friend rewards. The fundraising money will be used to develop further products and hire more engineers.