investment purchased GoNow Technologies, a Bala Cynwyd, Pa., startup
that developed a magnetic strip that connects debit/credit card with
smart phone mobile wallet applications.
The buyer,
Ciright Card Services of Conshohocken, Pa., exchanged an undisclosed
amount of cash and equity to absorb GoNow’s assets. It will be rebranded
as the Ciright One card, which consolidates debit, credit, loyalty and
gift cards into one single mobile wallet.
“The One card when combined with the One Mobile Wallet app allows
consumers to access all of their cards as the One card can become any
credit, debit, or stored value card in the One Mobile Wallet,” Ciright told Philly Tech News.
GoNow had received $225,000 from Ben
Franklin Technology Partners in 2012, and had raised capital with
several other venture capital firms.
It was founded by Doug Spodak, who is no longer a part of the company, in 2009. On GoNow’s website,
Spodak said their “ambition is that eWallet issuers and consumers will
find the card so simple, so useful, that it will become universal.”
Ciright will
connect the new One card to its Cloud, so while GoNow never truly gained
enough power on its own, it may not get a second wind.
“We will partner
with banks and local credit unions to deliver consumers the most
compelling, feature-rich experience with a mobile wallet to manage their
financial life,”Ciright CEO Joseph Callahan said.
by Dan Norton Sep 29, 2015, 1:21pm EDT
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