Facebook Secures $1.5M Investment for its E-Commerce App
More than 20,000 mom-and-pops and small retailers have started hawking real goods on Facebook in the past five months, thanks to an e-commerce platform called Payvment. And with a $1.5 million investment the big brands are coming soon, said the startup's CEO, Christian Taylor. Payvment is a Facebook e-commerce app that lets any user — businesses and individuals alike — download a storefront and set up shop for free. Since it launched in November, small and midsize retailers have taken notice and put 125,000 products up for sale and 500,000 Facebook users (out of nearly 500 million total) have shopped with the app, which transacts "tens of thousands" of dollars per day.