In antiquity, it was leather pouches for coins. In the Renaissance, it was folding pocketbooks that developed alongside the rise of paper currency. And now, with smartphones, it\u2019s something else altogether.\u00a0<\/p>\n
\u201cThe future of the wallet is very different than it is today, as it\u2019s becoming a much more dynamic surface,\u201d said Eric Senn, CEO and cofounder of digital wallet development startup Badge. He pointed to Apple\u2019s new ticket interface as an example\u2014not just a ticket but a portal to merch, food ordering, and venue maps. To Senn, it\u2019s part of a larger shift: the wallet becoming a core layer of the iOS and Android ecosystem, not just a feature tucked inside it.<\/p>\n
Senn\u2014who previously cofounded mobile commerce marketplace Storr\u2014has bet the next phase of his career on this trajectory. And investors are getting on board: Badge has raised $17.1 million in funding, Fortune has exclusively learned. This includes a $13.8 million Series A, led by TTV Capital and with participation from Stripe<\/a>, Synchrony Ventures, and Infinity Ventures. (The company, founded in 2023, also raised a previously unannounced $3.3 million seed round, with QED Investors and Infinity as investors.)\u00a0<\/p>\n \u201cWhen you think about surfaces, we have websites and apps, and this is a new surface that brands have to play in,\u201d said Senn. \u201cMore people use Apple<\/a> and Google<\/a> Wallet today than TikTok. And brands and businesses would never ignore TikTok or Instagram\u2014it\u2019s a place where they need a strategy.\u201d<\/p>\n \u201cWallets have guaranteed reach,\u201d Senn points out. \u201cThey\u2019re pre-installed on users\u2019 phones. It\u2019s a lighter-touch way to engage and retain a customer versus asking them to download an app, which we know increasingly consumers don\u2019t want to do.\u201d<\/p>\n The biggest challenge in mobile wallet commerce, Senn says, isn\u2019t growth\u2014it\u2019s not wrecking the channel. Badge focuses on the revenue-driving functions that make wallets sticky: loyalty programs, gift cards, membership cards, tickets. But app fatigue is real, and Senn says the team is actively thinking about retaining integrity\u2014how to build guardrails that prevent wallets from going the way of email and SMS, buried under spam.<\/p>\n I do think there inevitably will be digital wallet spam, for the record. (It\u2019s the way of the world.) But I also do think that Senn\u2019s right, that our relationship to our money-carrying entities is changing.\u00a0\u00a0<\/p>\n \u201cWe\u2019re kind of entering this new world where maybe our kids won\u2019t even have physical wallets,\u201d said Senn. \u201cI think that represents a really big opportunity for businesses to play in this new digital space. You can have a relationship with someone\u2019s wallet versus a physical card. We\u2019re just scratching the surface of where it will be.\u201d<\/p>\n See you tomorrow,<\/p>\n Allie Garfinkle Joey Abrams curated the deals section of today\u2019s newsletter. Subscribe here<\/a>.<\/p>\n VENTURE CAPITAL<\/p>\n – Vestwell<\/b><\/a>, a New York City-based savings platform, raised $385 million in Series E funding. Blue Owl Capital <\/b>and Sixth<\/b> Street<\/b> Growth<\/b> led the round and were joined by Neuberger<\/b> Berman<\/b>, SLW<\/b>, Morgan<\/b> Stanley<\/b>, and others.<\/p>\n – Korsana<\/b> Biosciences<\/b><\/a>, a Waltham, Mass.-based developer of therapeutics for neurodegenerative diseases, raised $175 million in funding across seed and Series A rounds from Fairmount<\/b>, Venrock<\/b> Healthcare<\/b> Capital<\/b> Partners<\/b>, Wellington<\/b> Management<\/b>, TCGX<\/b>, and others.<\/p>\n – Heron Power<\/b><\/a>, a Scotts Valley, Calif.-based energy infrastructure company, raised $140 million in Series B funding. Andreessen Horowitz <\/b>and Breakthrough Energy Ventures<\/b> led the round and was joined by existing investors Capricorn<\/b> Investment<\/b> Group<\/b>,\u202fEnergy Impact Partners<\/b>,\u202fValor Atreides AI Fund<\/b>, and\u202fGigascale Capital<\/b>.<\/p>\n – Venice<\/b><\/a>, a New York City-based account security platform, raised $33 million in funding. IVP<\/b> led the round and was joined by Index<\/b> Ventures<\/b>, Vine<\/b> Ventures<\/b>, Holly<\/b> Ventures<\/b>, and angel investors.<\/p>\n – Selector<\/b><\/a>, a Santa Clara, Calif.-based AI-powered network observability platform, raised $32 million in funding. AVP<\/b> led the round and was joined by Ansa<\/b> Capital<\/b>, Two<\/b> Bear<\/b> Capital<\/b>, Sinewave<\/b> Ventures<\/b>, Singtel<\/b> Innov8<\/b>, and others.<\/p>\n – Kombo<\/b><\/a>, a New York City and Berlin, Germany-based developer of workforce integration technology, raised $25 million in Series A funding. Volition<\/b> Capital<\/b> led the round.<\/p>\n – Zero<\/b> Homes<\/b><\/a>, a Denver, Colo.-based site where users can create a digital model of their homes and connect with repair and installation professionals, raised $16.8 million in Series A funding. Prelude<\/b> Ventures<\/b> led the round and was joined by SJF<\/b> Ventures<\/b>, Watsco<\/b> Ventures<\/b>, and existing investors.\u00a0<\/p>\n – Hook<\/b><\/a>, a New York City-based site where users can use AI to remix songs, raised $10 million in Series A funding. Khosla<\/b> Ventures<\/b> led the round and was joined by Point72<\/b> Ventures<\/b>, Imaginary<\/b> Ventures<\/b>, Waverley<\/b> Capital<\/b>, and others.<\/p>\n – Monark<\/b> Markets<\/b><\/a>, a New York City-based private markets investing platform, raised $8.1 million in funding. F-Prime<\/b> led the round and was joined by The<\/b> Treasury<\/b>, Commerce<\/b> Ventures<\/b>, Grit<\/b> Capital<\/b> Partners<\/b>, and BBAE<\/b> Holdings<\/b>.<\/p>\n – EFEX<\/b><\/a>, a Mexico City, Mexico and Palo Alto, Calif.-based global treasury and cross-border payments company for middle market companies, raised $8 million in seed funding. PayPal<\/b> Ventures<\/b> and Floodgate<\/b> led the round and were joined by Contour<\/b> Venture<\/b> Partners<\/b> and Nido Ventures<\/b>.<\/p>\n – Copla<\/b><\/a>, a Vilnius, Lithuania-based developer of compliance tools for financial services, raised \u20ac6 million ($7.1 million) in Series A funding. Iron<\/b> Wolf<\/b> Capital<\/b> led the round and was joined by Operator<\/b> Stack<\/b> and existing investors.<\/p>\n – SportIQ<\/b><\/a>, a Helsinki, Finland and Glendale, Calif.-based developer of smart basketball and app-based shooting coaching technology, raised $6.2 million in Series A funding from KB<\/b> Partners<\/b>, Koppenberg<\/b> Management<\/b>, Match<\/b> Ventures<\/b>, and others.<\/p>\n – Synchrony<\/b><\/a>, a Jersey City, N.J.-based respiratory care technology company, raised $5 million in funding. Edge Medical Ventures<\/b> led the round and was joined by the New Jersey Economic Development Authority<\/b> and others.<\/p>\n – Rizon<\/b><\/a>, a Lewes, Del.-based neobank, raised $2 million in pre-seed funding. Market<\/b> One<\/b> Capital<\/b> led the round.<\/p>\n PRIVATE EQUITY<\/p>\n – Perch Energy<\/b>, backed by Arborview<\/b> Capital<\/b> and Nuveen<\/b>, acquired Solstice<\/b><\/a>, a Cambridge mass.-based community solar acquisition and development management company. Financial terms were not disclosed.<\/p>\n EXITS<\/p>\n – BayPine<\/b> agreed to acquire Relation<\/b> Insurance<\/b> Services<\/b><\/a>, a Chicago, Ill.-based insurance brokerage, from Aquiline<\/b> Capital<\/b> Partners<\/b>. Financial terms were not disclosed.<\/p>\n FUNDS + FUNDS OF FUNDS<\/p>\n – Battery<\/b> Ventures<\/b><\/a>, a Boston, Mass.-based venture capital firm, raised $3.25 billion for its 15th fund focused on tech companies.\u00a0<\/p>\n – JLL<\/b> Partners<\/b><\/a>, a New York City-based private equity firm, raised $1.4 billion for its ninth fund focused on health care, industrials, and business services companies.<\/p>\n
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