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Tempo Raises Additional $4.8 Million Financing
SAN MATEO, CA — July 9, 2007 — Tempo Payments, Inc., today announced it has closed additional funding of $4.8 million, led by new investor Integral Capital Partners and including existing investors Cardinal Venture Capital and Selby Venture Partners.
Tempo will use the funding to invest in the company's technology platform and to continue to build its network of retailers who accept Tempo debit cards. To date the company has raised $17.1 million in venture capital.
Tempo operates the Tempo Payment Network, a national network for acceptance of low-fee, bank-independent PIN debit affinity cards. More than 200,000 retail locations accept Tempo cards, which are issued under retailer brands.
"This additional financing will be instrumental in Tempo's expansion of the network and marketing of additional products," said Tempo CEO Mike Grossman. "Integral and our other investors recognize the value of lowering interchange fees charged to merchants, who are fed up with the outrageous fees assessed by the larger card associations."
Tempo Payments, Inc.
Offering bank-independent affinity debit cards, Tempo provides its partners (retailers, membership, and other issuing organizations) with the ability to build loyalty and improve bottom-line results, while delivering enhanced cardholder security and rewards. Tempo operates the Tempo Payment Network, a PIN-based bank-independent payment network, and is committed to lowering interchange fees for payment card transactions. Tempo is privately held and headquartered in San Mateo, CA. For additional information, visit www.tempopay.com.
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