According to Corduro’s website they offer “a range of payment services, for Internet, mobile, and traditional retail transactions, including support for recurring payments.” TechCrunch reports that “The service offers everything from electronic checks and bill pay to recurring payment support.”
Google Ventures announced the investment yesterday—just one day before mobile payment app Square launched on the iPad. Square’s iPhone app is scheduled for release later this week. Square uses an attached credit card reader to essentially turn any iPad or iPhone into a cash register.
Investing in a competing platform to Square makes a lot of sense for Google as they battle Apple for mobile supremacy.