Kwedit raises $3.3 million in a Maveron-led second funding round
A Maveron-led second funding round of $3.3 million has recently been raised by Kwedit - the new, ground-breaking 'alternate payment product,' which is akin to a credit system, for purchasing social games and other 'virtual' goods.
In addition, Kwedit has specified that its launch across a variety of verticals has it bag six new merchant contracts - including those with VoIP provider PokeTalk, a MMO, a test prep service and a credit record protection service.
Kwedit's alternate payment product functions largely on the users' promise to pay back the social game Kwedit extended by the company. The company does not resort to any 'enforcement mechanism' for the pay back; and a defaulting user is penalized merely with a lower Kwedit ranking, and lesser chances of getting more in game Kwedit.
The Kwedit functioning was recently at the receiving end of ridicule on the Colbert Report, with the company being described as a "website that hooks little kids on borrowing credit."
However, rebuffing the allegation, Kwedit has clarified that it absolutely does not encourage use by young children; and has set 13 years as the minimum age of Kwedit users. It further maintains that its product is not a credit product per se - it does not charge any interest over time; and it merely teaches users how to use credit.
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