When mobile-payments provider Billing Revolution Inc. launched a service last year that lets consumers purchase goods with a single click on their mobile devices, Citigroup Inc. provided marketing dollars to help get the technology up and running.
Now Citi's venture capital arm is betting that Billing Revolution is poised to take the service to the next level, announcing Tuesday that it has made a strategic investment in the four-year-old Seattle company. Citi Ventures did not disclose the size of its investment, which was announced two weeks after Billing Revolution received $6.6 million in financing from two other venture funds.
Dickson Chu, managing director in Citi's Global Enterprise Payments group, said that Billing Revolution's "Single-Click Checkout" technology has the potential to be a "game changer."
"There is a lot of activity in the mobile payments space, but Billing Revolution's platform and approach are truly innovative," Chu said in a news release.
With the vendor's single-click checkout system, consumers can speed up the check-out process by registering their account numbers with service, saving them the time of punching in account information each time they make a purchase.
