Santa Monica based customized prepaid debit card maker Card.com has raised $9m of Series C financing from Columbia Pacific Advisors' Growth Capital strategy and Fenway Summer Ventures. The company's goal is to offer an alternative to traditional banking as customers are only required to use a debit card and their mobile phones / Internet to access their accounts. The company opened more than 50,000 new accounts last month and has more than $450m in deposits.
“Aligning with Columbia Pacific Advisors enables us to pursue aggressive growth in our customer base and expand key areas of our infrastructure,” Katz said in a statement. “Partnering with Fenway Summer Ventures, a leader in regulatory financial technology, further solidifies our commitment to continued leadership in transparent, compliant and fair financial solutions. We are building the equivalent of Netflix for banking, but our competitor isn't Blockbuster video – it’s branch banks like Citi or Chase.”