US PayTech Grabango has raised $12m in a Series A funding round led by BBVA’s investment arm, Propel Venture Partners.
This latest round brings the company’s total funding so far to $18m. Grabango has said it will use the funding to expand its product development team and client store deployments.
Grabango provides in-store customers automatic check-out through its computer vision and machine learning systems. The start-up’s platform includes a decentralized computing network that processes millions of transactions simultaneously. The platform also removes the need for scanners, conveyor belts and waiting lines. Shoppers at Grabango supported stores can pay through smartphones or traditional methods.
The company was launched in 2016 by Pandora Radio co-founder and CTO Will Glaser.
Propel general partner Ryan Gilbert said, “Grabango hits the target for brick and mortar retailers aiming to deliver a smoother shopper experience and a better bottom line. We’ve looked at all the checkout-free technology providers and Grabango is the only true enterprise scale provider in the market today.”
BBVA has previously bought significant stakes in UK-based challenger bank Atom and German FinTech solarisBank.
This week Indonesian PayTech KinerjaPay secured a signed commitment from PT. Investa Wahana Group to invest $200m in the business.