At a time when new mobile payment processors like Square, Paypal and others are fighting for market share, one payment Startup decided to cater to established customers (literally every existing credit card user). Wallaby is the quintessential credit card to rule them all. The secret sauce for Wallaby’s automatic credit credit is the connection to all the other credit cards in your wallet. For instance, I am a huge fan of both the Marriott by Chase and Starwood by Amex credit cards. In addition, I have a Business Ink for business purchases and enjoy the rewards and cashback. Now with Wallaby I can have the best of both worlds, I simply carry the one credit card and it will systematically via an algorithm determine the appropriate card to use at the point of purchase. This can be huge when you have 6 or 7 different credit cards and you are able to take advantage and optimize your rewards without even thinking about.
A tangential benefit is also having a thinner wallet. I have spent more time than I care to disclose looking for the thinnest wallet possible for my credit cards. This might allow me to actually go wallet-less.
Wallaby is clearly on to something with this concept. Make the industry standard better through technology and enhancing the benefit to the consumer should be a real winner. None of us like the complicated rules for miles, points, cash back or merchant discounts on your rewards credit cards. Wallaby can maximize your savings by checking current specials and rewards in your credit card repertoire at the time of the transaction. Wallaby Financial’s cloud-based wallet system raised $1.1 million last spring in a seed round from Founders Fund Angel, WI Harper Group, SLP Ventures and Lion Wells Capital.
Many of you may not be as excited as myself about Wallaby but it had my at swipe. Carrying just one card that acts like six is a win-win.
If you want in on the Wallaby craze jump on their list.