FinTech

LevelUp mobile app gets $50 million in latest fintech fundraising round

Neil Ainger, Writer at CNBC.com
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LevelUp, a U.S. mobile app financial technology (fintech) firm, has raised $50 million in finance from long-term investors JP Morgan Chase and U.S. Boston Capital and from newcomer CentroCredit Bank. Its latest fundraising round brings the total raised by the start-up so far to just over $85m.

The corporate offers its one million app users a month a range of loyalty rewards, analytics and payment options from partner restaurants, merchants and banks, including brands like sweetgreen, Tropical Smoothie Cafe, Potbelly Sandwich Shop, and nearly 200 other restaurants across the U.S.

Its technology is used to power aspects of the Chase Pay mobile payments app, particularly the in-store loyalty and rewards programs and the order-ahead payment options offered by merchants that have signed up with LevelUp.

Partners can use its technology on a white-labeled basis to offer new loyalty, customer engagement, transaction and other functionality to their end users.

The new money raised will be spent on hiring new staff, product development and further expansion across the U.S.

Existing investors include Google Ventures, Highland Capital, Balderton Capital and Continental Advisors which is led by Phil Purcell, the founder of Discover Card. The first money used to establish the business came from the Princeton Business Plan Competition, which LevelUp founder Seth Priebatsch won during his freshman year.

LevelUp then entered an incubator, Dreamit Ventures, to develop the business further with the help of mentors and seed investors, and is now entering the latter stages of venture fundraising as it attempts to scale up.

"LevelUp has grown rapidly over the last several years and this funding sets us up to accelerate our growth this year and next," said Priebatsch. "We're thrilled to have the continued support of our existing investors including Chase and U.S. Boston, and great new partners like CentroCredit Bank."

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