Ohio’s Mezu Raises $10 Million To Let You Send And Receive Money Privately

For many peer-to-peer payment apps, the way to send money to other users is simple — enter the recipient’s name or phone number and the amount of money and hit send. But what if you want to send money to say, your bartender or a local vendor at the farmers market, and neither of you needs to know details about the other?

That’s the premise behind Mezu, a new type of payments app that is launching today to “let people give and get money without sharing any personal information.” The app is available to download for free on both iOS and Android. The company also announced today that it has raised a $10 million round, led by Pittsburgh’s Draper Triangle Ventures. JumpStart Inc., Draper Associates, the Ohio Innovation Fund, and North Coast Angel Fund also participated.

Headquartered in Cleveland, Mezu currently has 25 employees. The company was cofounded by Yuval Brisker and Pedro Silva. Brisker, who also serves as Mezu’s CEO, previously cofounded TOA Technologies, which was acquired by Oracle for an undisclosed amount in 2014.

Brisker told VentureBeat in a phone interview that he got the idea for Mezu while traveling and finding himself in situations where he wanted to tip the parking attendant or hotel bellhop but didn’t have any cash.

“I realized the payment apps that were in the market didn’t really address the need to actually have cash — they were more akin to what I would call a virtual check, meaning you’re sending money to someone you know,” Brisker said. “But in fact cash itself is this tender that people give to each other, whether they know each other or don’t know each other.”

So how does a Mezu transaction work?

Read the full story at VentureBeat.