Qvivr completes $5M Series A

Mobile payments technology provider Qvivr has completed a $5 million Series A round led by Khosla Ventures. An Asian multinational bank is among the undisclosed participants.

The funds are earmarked for marketing, product development and sales initiatives.

Qvivr’s maiden product, the SWYP smart wallet, is slated to ship in 2017. A millennial-focused personal finance product is also in development.

“The mobile payments ecosystem is complex and while there has been much progress we believe there is still room for new approaches and technologies, especially for millennials who expect convenient, well-designed user experiences from their financial partners,” Khosla Ventures general partner Keith Rabois said. “We are excited by the Qvivr team’s vision and thrilled to be part of the next wave of advancements in mobile payments.”