Kwedit Lands $3M for Virtual Goods Payment Services

Mountain View, Calif. -- Kwedit, a Mountain View-based developer of new payment services for digital content and virtual goods, said that it has raised $3 million in its first round of funding. Participants included True Ventures, Kapor Capital, Maples Investments, Endeavor Partners, Fenwick and West and angel investors. Founded in 2009, Moun Kwedit sells pre-paid cards at 7-Eleven stores that contain credits, which can be redeemed for virtual goods within online games. Another service, Kwedit Promise, functions more like Bill Me Later, allowing users to obtain virtual goods immediately in exchange for promises to pay for them later without using plastic. Each user is assigned a Kwedit Limit, a spending limit established by publishers and modified by previous payment histories. "Most teenagers and the 25% of American households that do not have a credit or debit card… have been locked out of the exploding virtual goods markets," said Danny Shader, the company's CEO. "With Kwedit, those consumers can safely participate in the digital content revolution." Kwedit-based payments are currently supported on more than 100 games.
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