JPMorgan Chase, which already made a $10 million investment in mobile payments and loyalty provider LevelUp, renewed its interest in a just-completed $50 million round of funding.
U.S. Boston and CentroCreditBank also participated in the investment, though LevelUp did not disclose the amounts provided by each investor.
LevelUp says it continues to grow as nearly a million people use the mobile app every month. Those numbers would confirm what Chase was hoping for in investing in a mobile app with the potential to garner marketwide support and complement its own Chase Pay app.
"LevelUp has grown rapidly over the last several years and this funding sets us up to accelerate our growth this year and next," Seth Priebatsch, CEO and 'chief ninja' at LevelUp, said in a May 16 press release. "We're thrilled to have the continued support of our existing investors like Chase and U.S. Boston and great new partners like CentroCreditBank backing LevelUp."
As LevelUp continues to build its mobile payment network, the company says it plans to bring its payments, analytics and rewards technology to market in three ways — through order-ahead apps at busy restaurant locations; through LevelUp Agency, the company's development shop that builds mobile engagement programs for restaurants; and continued work through its developer platform that enables merchants and partners to power their own programs.
LevelUp's work with Chase Pay addresses order-ahead, in-store payments and rewards functions.