US micropayments firm Peppercoin has secured $8 million in a new round of financing led by New York venture capital firm Wall Street Technology Partners (WSTP).
Also participating in the round were existing investor Pod Holding, along with an un-named Boston-based institutional investment adviser and several private individuals.
Peppercoin president Mark Friedman, who has taken on the CEO role, says the new investment validates the company's business model.
Over the past year Peppercoin has secured a referral agreement with merchant acquirer Chase Merchant Services as well as an alliance deal with SunTrust Merchant Services, which is a joint venture between SunTrust Banks and First Data Corporation.
Friedman adds: "We will be rolling out several advanced capabilities in coming months which enable a blend of prepaid, subscription, pay-as-you-go and post-paid merchant offerings."
Peppercoin says that that consumers in the US make more than 350 billion transactions of less than $5, representing $1.32 trillion in aggregate revenue.