Austin mobile payment startup Bypass has received a strategic investment from eBay. Although details are not available on the total amount invested, the company disclosed that it has raised $3.5 million from a variety of private investors.
The startup was founded in 2010 by Austin entrepreneur Brandon Lloyd. Bypass enables sports and entertainment venues to accept payments for concessions and merchandise via tablets. This innovation allows lines to move faster, which increases sales and cuts costs. The company's software also analyzes customer behavior and buying habits.
The company will use the funding to speed up product development and sales, as well as hire more engineering staff.
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