Stratos Raises $5.8 Million for All-in-One Credit Card

Stratos Raises $5.8 Million for All-in-One Credit Card

October 14, 2014         Written By Bill Hardekopf

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.”



The information contained within this article was accurate as of October 14, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus