Stratos Raises $5.8 Million for All-in-One Credit Card
Stratos is a startup that could become a direct competitor for the Coin all-in-one credit card. Stratos has now managed to raise $5.8 million in funding before it started manufacturing its product, a process that is now underway.
Stratos works much like Coin–users can upload their credit card accounts to their smart card and then switch back and forth between the cards they want to use. The product is expected to launch within the next 12 months, but the company is giving itself plenty of leeway to adjust for possible errors that may arise.
“Consumers want safer and more convenient ways to pay in all channels,” said CEO Thiago Olson in a statement. “We hope to accelerate consumer adoption for mobile payments by making our platform frictionless with respect to merchant infrastructure.
Olson does not seem to see Apple Pay as a threat. Stratos can be used just like a regular credit card, even at an ATM. Apple Pay cannot.
“We don’t think there is a comparable offering with the card and platform,” Olson told TechCrunch. “We’ll be unsurpassed in use of use and reliability. You want it to be accepted everywhere.”