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Rixty Raises $1.24 Million For Online Payment System

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Rixty — which offers an online payment system designed for people who don’t have creditcards — has raised $1.24 million in a funding round. The round was led by Javelin Venture Partners; Accelerator Ventures, First Round Capital, Nueva Ventures and SoftTechVC also participated. Rixty lets people take their cash to more than 20,000 locations in the U.S., including Coinstar kiosks and some convenience stores, and exchange it for “RixtyCodes” or pre-paid cards; the codes and cards can then be used to pay for thousands of online games.

Online game publishers have adopted several systems in order to get cash from the cardless, a demographic which often includes children who play lots of games online but don’t have bank accounts. In addition to accepting pre-paid cards, they include letting gamers pay by entering their cell-phone numbers and by filling out offers.

Rixty says its transaction volume has grown three-fold over the last six months alone. Cash will be used to “fuel the growth of its publisher network, expand its product offering and increase its user base.” Here’s the release.