Auto finance center, a start-up that wants to make mobile payments as easy as sending cash, is in talks with Yahoo Finance to make a mobile app to allow people to make and receive mobile payments.
The app, called Auto Finance Center, would allow people who want to make payments with smartphones to use a mobile wallet app to send money to their friends and family.
The app would allow anyone to create an account, pay for the purchase of an item with a credit card, and then transfer the payment to their friend or family.
Auto Finance Center is already in development, with the company announcing it will start shipping an early version of the app in the first quarter of 2018.
The company is in discussions with Yahoo and other partners to integrate the app into its existing platform.
Auto Finance is based in Sunnyvale, California, and has raised $3.5 million from investors including SoftBank, Microsoft Ventures, and Accel Partners.
The company is focused on building a mobile payment system that is easy to use, convenient and secure.
“With Auto Finance, we have built a unique app that gives people the flexibility to make their payments, securely, with ease and at a fraction of the cost of traditional financial services,” Adam Gopnik, CEO of Auto Finance.
“We believe this will become a powerful and popular payment option for everyone.”
Auto Finance says it will be able to charge customers $1.50 per transaction with its new app, and users will receive a 25 percent discount on all purchases.
Auto Finance also says its mobile wallet service will be compatible with existing PayPal and Visa credit cards, with a limited number of additional credit cards that would be able be used for mobile payments using the service.
“This is the first time we have ever created a mobile payments solution for an enterprise,” said Alex Zadrozny, co-founder of Auto Financial.
“This will be an extremely valuable tool for anyone who wants to create their own mobile payment solution for the next decade or two.”
Auto finance center was founded in 2015 and has already received funding from venture capital firms including Andreessen Horowitz, Andreessen Media, and Greylock Partners.
Auto finance said it raised $1 million in seed funding from Yahoo, the Sequoia Capital, and Fidelity Investments.
The startup also has a pilot program in New York City.