Former AdMob execs launch m-payment service ''

Tools, a new startup founded by AdMob veterans Mike Mettler and Josh Bleecher Snyder, has closed a $1 million seed round from angel investors including AdMob founder Omar Hamoui. The solution automatically reads credit card information using a smartphone's camera, enabling merchants to process transactions without swiping the card through a hardware extension or inputting account information. Google acquired AdMob for $750 million. Release