'Facecard' firm Edo seeks $8M in capital - Triangle Business Journal:

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million it raised in its first roundof funding, and the $5 milliojn it closed on last June. Edo filed a noticre of exempt offering of securities this week with the Securities andExchangd Commission, seeking additional capital of $8 million. Current investors includd , and . Edo president Ed Braswel was formerly presidentof , a paymen t processing company that sold to Milwaukee-basef in 2005 for an undisclosed amount. The which supports the “Facecard” prepaid MasterCard issued by anda Coca-Colaz card, originally planned to launch with an expandedr line of products in January but did not do so untilo May.
Besides the “membership” cards, Edo also markets a proprietarh interactive platformtargeting cardholders, who can utilize it for sociaol networking by creating an online profile, like The profile allows friends or relatives to add money to thei r cards and tips them off to special occasions such as Merchants can use the platform to offer cardholders or electronic coupons on the cards. For example, a retailer can send a text messagw to a targeted groupl of users offering toadd $2 to theidr cards if they redeem the reward in a certaih time frame.
A studyy released in April by and found consumers were purchasinhgmore pre-paid gift cards, with 57 percent of Americamn respondents saying they purchased at least one gift card withinb the past year, an increase of 5 percent in six