Conshohocken firm buys local credit-card technology company
A research-and-development group keen on 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.