Bitmo

Founded in 2017 by J Michael Smallwood and headquartered in Carlsbad, California, Bitmo operated in the financial software and mobile payments sector. The company secured over $5.9 million in funding across three rounds, with its most recent seed round in March 2019 raising $3 million, led by Everplus Capital and Longboard Capital.

Bitmo developed a mobile application centered on digital gift cards and consumer rewards. The platform's primary function was to serve as a mobile wallet where users could purchase, send, and manage gift cards from over 140 participating national brands. Its business model was designed to drive measurable retail traffic by integrating gifting with mobile payments. The service made money through its gift card transactions and by providing retailers with a marketing platform to connect with consumers.

The application's core product allowed users to link their credit or debit cards to passively earn reward points, known as BitmoPerks, on every purchase made at partner retailers. These points could then be redeemed for gift cards within the app. A distinct feature of the service was the ability for users to exchange unwanted gift cards for a different brand at no cost, adding a layer of flexibility to the digital gifting process. The platform also supported peer-to-peer sending of gift cards using only a recipient's phone number. Despite its initial traction and funding, the company is now considered deadpooled, having ceased operations around 2023.

Keywords: mobile payments, gift cards, consumer rewards, loyalty program, fintech, retail marketing, digital wallet, rewards app, peer-to-peer gifting, deadpooled