Spare Change Payments [SEP] inception
The company pioneered and evangelized the move for app developers away from advertising based monetization models toward micro-payment models and the sale of virtual goods. In March 2009, Spare Change was reported to be processing $30M of payments across 700 applications on Facebook, MySpace and Bebo and to have over 1M wallet accounts.
Company history.
Spare Change Payments was founded in 2007 by Mark Rose, Simon Ru and Lex Bayer, with offices in Cupertino, California. In April 2009, the company was acquired by
Spare Change Payments
Spare Change Payments was an online payments company specifically designed for conducting micro-payments inside games and applications on Facebook and other social networking sites.
The company was the first to offer a micro-payment solution for social networking application developers shortly after Facebook opened its Facebook Platform. It operated a virtual goods monetization platform that allowed users to deposit funds into a central Spare Change account that they could then spend across multiple games and applications on the social network, and was a precursor to Facebook Credits.