BBVA invests in invisible payments startup Grabango
BBVA’s investment arm has led a $12 million Series A funding round in checkout-free payments technology startup Grabango.
Founded in 2016 by Pandora Radio CTO Will Glaser, Grabango uses computer vision and machine learning systems to maintain a virtual shopping basket for each person’s store visit and claims to accurately process millions of simultaneous transactions.
Checking out is automatic, with shoppers either paying the traditional way at a cashier or by smartphone.
The move to cashierless stores is gathering pace, with big players such as Amazon investing heavily in the technology.
Grabango is looking to grab a major slice of the pie, filing 17 patents and securing deals with four major US chains that serve more than 600 million shoppers a year.
Says Glaser: “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.”