Elektron Ventures Announces Strategic Investment in Billfold
NEW YORK, Jan. 12, 2022 /PRNewswire/ — Billfold, a payment and customer intelligence platform focused on streamlining contactless payment flow for the events industry, today announced the completion of a $3M seed round of financing. The round was led by Elektron Ventures and FMS Capital.
Billfold is a market-leading provider in the POS space, with an impressive roster of clients across the United States and overseas. In New York, the company counts The Brooklyn Mirage (North America’s largest permanent nightlife venue) and Pier 17 (Manhattan’s pre-eminent summer concert venue) as two of its marquee clients. Overseas, Billfold runs events in Mexico, Costa Rica and Russia. It also has significant upcoming events in Australia, the Middle East and Europe.
Billfold has operated over 800 events, driving higher revenues at the POS (20-90% revenue expansion) and demonstrating a near-100% client retention rate. Made Event CMO Michael Julian, a longstanding advocate of Billfold said “Our expectations were doubled, sometimes tripled and I was trying to figure out why. As I started looking very deeply and understanding how it works, I realized the key was the solution we were using, this Billfold.”
One of Billfold’s numerous international clients, Art With Me, an event that started in Mexico, continues to work with them in other parts of the globe. Art With Me’s Matt Caines, who brought Billfold onboard said “After working closely with Billfold since 2018, there is no better system for a flawless operator and guest experience. They’ve simplified our payment operations and filled in knowledge gaps with their incredibly powerful consumer data. Most importantly, our revenue improvements from Billfold have been astronomical.”
Event attendees also love the product, experiencing shorter lines, a faster payment experience and relevant advertising via Billfold’s unique POS marketing capacity. Billfold CEO Stas Chijik has made consumer experience his highest priority since Billfold’s inception, noting
“For many years Point of Sale companies have been focusing solely on the transactional aspects of their solution. We believe strongly that a customer-led experience should be the priority. Making transactions easier for people ultimately drives revenue and gets people back to their experience quicker, like watching their sports team play or listening to their favorite artist at a festival. This is what we did with Billfold, and it delivers a triple win for attendees, staff, and our clients.”
Elektron Ventures’ co-founder, Timothy Power, added “It is a clear case of all stakeholders benefiting from superior technology, which is what makes it such an exciting opportunity for us.”
Billfold is the pre-eminent Point-of-Sale (POS) system for events, providing secure RFID payment technology with the industry’s fastest and most user friendly cashless solutions. It was founded in 2016 by Stas Chijik, Ben Roshia and Albert Akbashev.
About Elektron Ventures
Elektron Ventures was founded in August 2021 in New York. The fund is focused on what it believes to be the “Twin Revolutions” of the coming decades: Financial Technology and The Future of Mobility.
SOURCE Elektron Ventures