Cellular wallet apps co Tactus Mobile raises $1.5m

Lool Ventures led the round, joined by angel investor Yuval Tal, and the private investors who participated in the company's seed round.

Sources inform ''Globes'' that mobile wallet applications developer Tactus Mobile Solutions Ltd. has raised $1.5 million in its first financing round. Lool Ventures led the round, and was joined by angel investor Yuval Tal, and the private investors who participated in the company's seed round.

Tactus CEO Oren Levy, CTO Ronen Morecki, and two others founded the company in July 2010. The company has three other employees and is currently hiring.

Mobile payments by smartphones is a new field. There has been a lot of talk of turning the smartphone into a mobile wallet, but it hasn’t happened yet. Tactus originally developed a mobile payments app for end-users, but after developing it, the company said that it needed changes.

Oren Levy told "Globes", "We tried to reach as many points of sale as possible to install the app for customers to pay by phone. Some businesses participated and we even signed a cooperation agreement with Leumi Card Ltd., but then we realized that approaching end-users directly would be too slow. We decided to turn the project into an application, which could be installed at any business or website."

"Globes": Who are your clients?

Levy: "At the moment, we're focusing on developing applications for smartphones, if they want to motivate their use. Although they can already install the payments system, but it involves a high clearance cost. We're offering an app with a low clearing cost."

The app's launch is scheduled for November.

Published by Globes [online], Israel business news - www.globes-online.com - on October 9, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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