BitPass
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Four year old online payment startup BitPass is calling is quits, via a mass email to customers. The message, which comes from Mathew Graves, gives no reason for the shutdown although we can presume it is due to cash flow, or lack thereof.
Bitpass raised over $13 million in two rounds of financing, with the bulk of that raised in late 2004. But their business model of facilitating small purchases via stored value had few takers and transaction volume never ramped to sustainable levels. A recent major upgrade to their platform obviously didn’t do the trick.
Source: TechCrunch
