Level Up Nets $50 Million in New Financing

Mobile payments provider Level Up on Tuesday revealed it has secured $50 million in new funding. The Boston-based company originally enabled mobile payments, loyalty and rewards at the point of sale for local restaurants. Because of the QR code-based technology, Level Up has always been considered a card-not-present payment method. More recently the company has added order-ahead capability for brands using its solution including sweetgreen, Tropical Smoothie Café and Potbelly Sandwich Shop.

Level Up has raised $85 million since its launch in 2008. The most recent round included participation from JP Morgan Chase, US Boston and CentroCredit Bank.

“LevelUp has grown rapidly over the last several years and this funding sets us up to accelerate our growth this year and next,” said Seth Priebatsch, Chief Ninja of LevelUp. “We’re thrilled to have the continued support of our existing investors including Chase and US Boston and great new partners like CentroCredit Bank backing LevelUp.”