Mobile-First Payments Solution Helps Retailers Improve In-Store Conversion Rates
Friday, January 23, 2015.
Judo, a mobile solution which enables mobile-first payments in retail stores, has gained $6million in an investment round led by American-based Route 66 Ventures.
Judo is intended to help improve mobile custom for brick-and-mortar retailers with issues based on conversion rates at the checkout, a problem which is usually more frequent for online transactions, reducing the likelihood of ‘cart abandonment’ by consumers.
The technology has been designed to allow the transfer of money at pace to help retailers boost their in-store conversion rates, with the recent investment set to help develop the patent-pending capabilities of the solution.
Having started out in 2012, Judo Payments has been developed into a system which provides a seamless experience for both consumer and retailer. The technology also features a built-in fraud prevention method, providing additional security to reassure retailers regarding their mobile transactions.
Among the high-profile investments which Judo has received since then is global fast food chain KFC, revealed as an investor and adopter of the solution following the news of the funding round’s completion. Boasting over 17,000 restaurants worldwide, a partnership of this scale could be a launching platform for Judo’s mobile-first payments internationally.
Currently Judo’s platform is mainly active in Europe, including a partnership with coffee chain Harris + Hoole, among other recognised retailers. It is understood that France and Germany are part of the company’s plans to expand into new territories.
Dennis Jones, founder and CEO at Judo, commented on the recent investment, "This fresh £6million investment enables us to drive growth in our core European markets, and expand our business into new territories. Consumers are deterred from using apps with a clunky experience; we’re looking to make this seamless."