Fuze Network, a payments technology company based in Salt Lake City, Utah, has raised $2.5 million in additional financing, according to a new SEC filing. The round includes participation from NYC’s Metamorphic Ventures and Kickstart Seed Fund of Salt Lake City, and the filing specifically lists board members Gavin Christensen (Kickstart managing director), Lewis Gersh (managing partner at Metamorphic Ventures), Independent Director Chris Roon, and Corporate Secretary Stuart Hinckley, alongside Fuze Network CEO David Wilkes and Chief Network Officer Khalid El-Awady.
Fuze Network is made up of veterans from the payments industry who are looking to build a payment solution that will make bill payments easier for billers, retailers and customers. CEO Wilkes previously headed up strategic alliances at Galileo Processing, and was SVP of Sales & Marketing at ProPay. El-Awady, meanwhile, previously managed Visa’s prepaid reload network and its relationships with load partners like 7-Eleven, Speedway, and others.
At Fuze Network, the team is first targeting the under-banked and unbanked demographic with solutions designed for cash-based customers. For example, the company’s Swipe2Pay product, introduced at last fall’s Finovate conference, lets any retailer with a POS terminal process a cash payment for any credit card, deposit money to a debit card, or load up a prepaid card without having to make changes to their existing POS infrastructure.
Another product, Fuze’s BillPay Card (pictured), lets customers make in-store cash payments for any bill or subscription, like satellite TV and internet, utility bills, credit card bills and more. It’s not a credit card, debit card, or prepaid card, but more like a customer identity card. Fuze Network works with the biller to identify its cash-paying customers, then mails out the card with easy-to-follow instructions on how it can be used. Other Fuze Network products include tools that help customers find walk-up payment locations (Where2Pay), places to load prepaid cards (Where2Load), bank and ATM finders (Cash Locator), and FuzeFlow, Fuze’s online platform for processing bank bill payments, BillyPay card reloads and more.
Founded in 2009, Fuze Network allows now customers to make payments at 17,000 banks and 100,000 retail locations nationwide. We reached out to the company via email and phone earlier today to confirm the investment, but no one was available to talk, we were told. If more details become available, we’ll update.