Whatever Happened To…Cimbal?

Who is this we’re talking about?

Cimbal is, put simply, a mobile payment platform. “Cimbal turns a smartphone into a virtual merchant point-of-sale or online shopping cart,” its website explains.

CEO Chris Boone describes the product as a “secure mobile transaction network,” capable of achieving multifactor authentication in a way similar to a product like RSA SecurID. The platform is payment-capable, but its application goes beyond the wallet, to tasks like building and ATM access, and terminal log-ins.

A demo video uploaded in March 2010 offers a visual demonstration of Cimbal’s uses, including its applications in the P2P transfer space.

   

Who are Cimbal’s merchant partners?

Boone says his company is preparing to announce significant corporate partnerships over the course of the next quarter.

Which investors are behind the company?

Cimbal has received support from angel investors, but both sides have kept very close to the vest with specific information about the investment. However, Boone says he’s hoping to announce a “very substantial institutional round” in the coming months.

What’s the latest news from the company?

In February, Cimbal released version 2.0 of its payments and security platform. While version one was limited only to ACH payments and had a prototype feel to it, the new version offers a much wider range of payments capabilities, including loyalty features, targeted marketing options, and the ability to add prepaid/stored value or debit card accounts.