Massachusetts-based mobile payment firm, LevelUp has secured a funding of $50m which it will use to advance product development and accelerate growth.
Investors who participated in this round include long-time partner and investor JPMorgan Chase, US Boston and CentroCredit Bank. Chase made an initial investment in LevelUp at the end of 2015.
This funding comes at a time of accelerating growth for LevelUp, which is now used by nearly a million people every month.
"LevelUp has grown rapidly over the last several years and this funding sets us up to accelerate our growth this year and next," said Seth Priebatsch, Chief Ninja of LevelUp. "We're thrilled to have the continued support of our existing investors including Chase and US Boston and great new partners like CentroCredit Bank backing LevelUp."
LevelUp aims to build the next-generation mobile payment network, connecting consumers and merchants with a seamless payments experience that blends payments, analytics and rewards. LevelUp is bringing this technology to market in three distinct ways.
First, the LevelUp app enables consumers to order ahead at their favorite spots, saving time during the busy lunch rush. Second, LevelUp Agency, LevelUp's custom development shop, works with leading restaurants to build fully customized mobile engagement programs featuring seamless in-store and order-ahead loyalty programs and a powerful CRM to deliver targeted promotions.
LevelUp Agency partners include leading brands like sweetgreen, Tropical Smoothie Cafe, Potbelly Sandwich Shop, and nearly 200 more brands across the nation.
Finally, LevelUp's developer platform enables merchants and partners to power their own custom experiences, leveraging LevelUp's platform and partnerships. In December, Chase announced that LevelUp's technology had been selected to power aspects of its Chase Pay mobile payments app, including delivery of order ahead functionality with integrated loyalty and rewards for both in-store and order ahead LevelUp merchants.
LevelUp's developer platform provides open access to LevelUp's order ahead, in-store payments and rewards functionality and is used by several hundred companies to power their own apps or power LevelUp integrations for in-store or order ahead transactions.