A former Navy Seal who used to run a $5 billion technology company that made mobile payments says he is working on a “brand new tech startup” that wants customers to control their shopping experience.
Matt Yglesias of the Washington Post has the story.
He told WSJ’s Dave Weigel on Monday that he has been in talks with a number of other investors, but he is currently in the early stages of a funding round.
He said he has reached out to several investors, including Microsoft, Google, Amazon, and Facebook, but none has been interested in buying his startup.
He said he was interested in getting his product onto the market, but that the company is still in the process of getting that approval.
He declined to elaborate on what that approval entails.
Yglesis told Weigel that he had been “trying to figure out what the market is for a lot of the things we are doing” at his company.
But he said that he wants to bring “the best technology” to the marketplace.
He noted that the payments platform is also an advertising platform, which is not necessarily a very tech-friendly area.
Weigel asked whether there was a reason for his hesitation, given the fact that his company has already established a lot more credibility in the market than most.
“No, I don’t think there is any reason for that,” Ygelsias said.
“I think that’s an entirely legitimate question, and I would like to answer it.”
Weigel pointed out that he’s been a tech investor before, but declined to name names, citing the confidentiality agreement between investors and Ygensias.
Yngelsias did not respond to an email seeking comment.
The Washington Post’s Erik Wemple has covered Ygesias’ startup, XO Group, for years.
He wrote about it on his blog in December, and the company has been described as the “next big thing” in consumer finance.
Ygmensias was a Navy SEAL who joined the Navy Reserve in 2002, after serving in the Iraq War and the Korean War.
He left the Navy after two years and served as a commercial pilot in the Navy.
He was deployed to Iraq and then again to Afghanistan in 2008.
He served as chief technology officer for XO for four years, before retiring in 2010.
He started his own company, Xom, which makes payments apps.
Ygielsias left XO and moved to a smaller startup called Tether.
That company has now been acquired by PayPal.
In January, Ygledias launched a new venture called Yglt, which he described as “a new tech-driven payments platform for merchants.”
He said it would make it possible for consumers to make payments with their smartphones, and he said he believes it would be “revolutionary” for the financial industry.
In his new venture, he said, “We are creating a mobile commerce platform that enables a user to make mobile payments to merchants using their phone, and to the degree they are willing to make a payment, the merchant is in control of the amount of money they are going to pay.”
Ygledis said he is also developing a new mobile payment platform that will allow merchants to “pay on behalf of their employees, and allow them to offer services to customers without needing to rely on third-party payment providers.”
He said his company would use the technology to enable payments from “any business or organization” without needing a merchant’s permission.
Ysrael Beshara, a co-founder of the tech startup Zappos, said he’s working on the same thing.
He told CNNMoney that he was not surprised by Yglewsias’ comments.
He added that he doesn’t believe Ygletics’ business model is likely to be successful.
“It’s not likely that he will be able to pull this off,” Besharas said.
Y glesias told WSj’s Dave Neumann that the idea of the “smart payments” platform is a good one.
He also said that it would help with the “failing” U.S. credit card system, and that he thinks the system “isn’t working” because “we need a whole new system.”
He also pointed out, though, that “we can’t just get rid of credit cards, we have to make them better, so the payments are going into the right place.”
The New York Times has also written about Ygleglesias’ venture, and has published an article with an excerpt from a book he wrote about the subject, titled “The Future of Money.”
Ygreyss comments on his startup come as the tech industry has become more crowded, with companies like PayPal and Square taking on more and more payments and other industries, including restaurants, entertainment, and health care.
Ygreis said that the “money is always the