Loops founding team members, including CEO Will Graylin and chief technologist George Wallner, are among the contributors to the round. Also taking part in the round are unnamed backers of Will Graylins previous company, US mobile commerce platform provider ROAM Data, a subsidiary of French-based provider of payment services Ingenico.

Loop enables users to purchase items from merchants by using credit cards and rewards cards stored on their smartphone. The app can also store gift cards, membership cards and ID cards on smartphones and track accounts and spending on each card.

The technology used in the mobile app, dubbed Magnetic Secure Transmission technology, transmits card data to the magnetic stripe card readers which are already being used by merchants. Magnetic stripe card data is stored into a Loop chip inside a Loop Fob or Loop Charge Case accessory.

LoopPay provides a mobile payments app that lets consumers store credit cards on a smartphone and use it to pay at a number of retailers.

In recent news, Campus Nation Network, a provider of video media targeting college audience, and LoopPay have entered a strategic alliance to market mobile digital wallets to university campus communities in North America.