Sources: Coin Is Raising More Cash

TechCrunch

Coin, a YC-backed company looking to thin down your wallet, is currently in the process of raising around $15 million in Series A funding, according to multiple sources familiar with the matter.

Led by Kanishk Parashar and K9 investor/board member Manu Kumar, Coin offers a replacement for every credit card in your wallet. It swipes just like a credit card normally would, but with a button to switch between your AMEX, your personal Visa and your corporate credit card. But it does more than just slim your wallet.

The company put the Bluetooth-powered wallet up for pre-order in November using their own crowdfunding campaign, and blew past the $50,000 goal in less than 40 minutes. Coin promised to get first shipments out by this summer.

According to sources, the company needed to raise a Series A to cover production costs in the midst of unexpected and overwhelming demand. (I…

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