Facebook buys some Karma
Though news on Friday was dominated by Facebook's IPO, the company had another, albeit smaller, piece of news, this one more mobile payments-related. Facebook acquired mobile gifting company Karma.
Karma is a simple app that allows users to buy and send gifts from their mobile devices. They browse through various merchants, choose the gift, enter payment details and the recipient gets a text, email or Facebook message with instructions on how to claim the gift.
Karma was founded just last year and received approximately $5 million in funding from various sources like Sequoia Capital and Kleiner Perkins. The app launched in February.
In a blog announcing the acquisition, the company's founders said they were thrilled to announce the acquisition and that Karma will continue to operate in full force.