Debitman Announces Series B Financing, Patent
Debitman has announced the closing of an $8.7 Million Series B Financing from investors including HSBC Retail Services, a U.S. business unit of HSBC -North America, Cardinal Venture Capital and Selby Venture Partners. The company also announced it has received a notice of allowance from the U.S. Patent and Trademark Office approving the company's patent for a system that enables the use of interoperable merchant-branded consumer debit cards.
"Debitman is poised for rapid growth," said Debitman CEO Mike Grossman. "The participation of HSBC, one of the leading private label card issuers in the U.S., is a powerful endorsement of the compelling business case that The Retailer's Network provides to merchants.""This patent approval provides Debitman with clear-cut industry leadership and a proprietary advantage in the operation of a payment network that provides retailers with an alternative to the high interchange rates of traditional card networks," said Debitman CEO Mike Grossman. "We have proven The Retailer's Network concept in merchant engagements and this patent approval further validates Debitman's business model as we accelerate our market expansion program."
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