Website payment startup Ribbon.co has been growing quickly and after raising $1.75M from Sierra Ventures, AngelPad and several other major Silicon Valley VC’s it is now seeing over 10,000 merchants using the platform. Here’s the thing, they’re just getting started and the company recently announced a move to put focus on person-to-person payments. This means the startup will move-into the big leagues in a space dominated by players like Pay Pal and Google Wallet.
Ribbon co-founder Hany Rashwan told TechCrunch,
“For the last few months, we’ve been working on a new version of Ribbon that takes the technology and ideas that we’ve already built, and uses them in a different way. We’re not ready to fully announce the new Ribbon, but are excited for people to use a payment system built for +today’s age and technology.” (Source – TechCrunch)
The payment marketplace is heating-up with startup like Dwolla raising a $16.5M Series C round. Sure, you might have never heard of Dwolla or Ribbon, but you also probably didn’t know what Pay Pal was early on either. This is also another great use of a .CO, sure there could be some leakage to the .COM but that hasn’t seemed to cause Ribbon to miss a beat, they’re growing like crazy and customers are loving it.
Heck, when your service has 10,000 customers and you’re still in “Invite Only” mode you know you’re doing something right 🙂 Hats off to the Ribbon.co team, I’m looking forward to trying it out for myself!