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Cambridge, Massachusetts based company Tipjoy has raised an amount of $1 million in the first round of funding. The round was lead by Betaworks which is a seed stage platform for building internet based businesses and investments. The site lets you leave tips regarding stuff they like online and also make micro-payments for other websites including blogs. Currently they are charging 10 cents on every $1 transaction.

According to Chief Technology Officer and co-founder of Tipjoy, Ivan Kirigin, PayPal model is not good enough for small transactions and is broken. The site certainly seems to change the Paypal model with some better one.

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