US-based Tiv, a new payments platform dedicated to the gaming community, raised US$ 3.5 million in a seed funding round on 26 May 2021.
Investors: The funding round was led by 4490 Ventures. Other participants in the round include Silverton Partners and many angel investors. The funding represents the first institutional capital raised after self-funding the company since inception.
Purpose of the funding: The funds raised will be utilized by Tiv to scale its engineering and marketing teams. The company is currently accepting waitlist users for its debut card product ahead of a public launch later this year.
Founded in 2020 by Jed Strong, JP Pillat and William Danford, Tiv is a payments platform built with the gaming community at the core. It creates financial products and services that reflect ‘who you are and integrate what you do, to reward you for spending time doing what you love.’ The company is headquartered in Chicago.
The startup believes that despite the depth and breadth of gaming as an industry, the gaming community has long been underserved by legacy financial institutions. Tiv, through its proprietary technology, rewards gamers when they pay and when they play, making it the first and only payments product that gives its users rewards for both purchases and gaming activity. Tiv is now looking to partner with a variety of game publishers and studios.
What the founders have to say: “We wanted to create a payments platform and offer card products that rewarded gamers based on their passion, not just how they spend. Tiv represents a fundamental shift, unlocking the power of gameplay to connect and enhance the digital and physical worlds of gamers. The entire gaming community can now reap the rewards of a fintech infrastructure purpose-built from the ground up for gamers.” — Tiv CEO and Co-Founder Jed Strong.
“Historically, gamers have always been told that gaming is a waste of their time. As a lifelong gamer and long-time gaming creator, I experienced this first hand. Tiv’s mission is to change that, encouraging gamers to pursue their passion and making their gaming experience more rewarding in the process. We’re proud to build a product that enhances gamer’s lives and are thrilled to have our vision supported by our investors as well as one of the biggest brands in payments.” JP Pillat, President, Chief Product Officer and Co-Founder of Tiv.
What the investors have to say: “Tiv fits in perfectly with our connected software investment theme. The diversification of Tiv’s business model for both gamers and the broader gaming industry sets them apart from legacy financial institutions and neobanks. We are excited about the technology and the team and believe they have a head start to create the world’s leading payments platform for gamers.” — Malcolm Thorne, Partner at 4490 Ventures.
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