I don’t know if you know this but… word around the campfire is that this whole “payments” thing may be garnering a little bit of traction. So it’s nice to see that a Portland startup working on an interesting solution to the problem is gaining traction as well.
PayRange, founded by serial entrepreneur Paresh Patel, is working to change a largely cash-based sector—vending machines—by enabling folks to pay by phone.
We give new meaning to “swipe to pay.” No more fiddling for change, ironing bills, or rubbing your card’s magnetic stripe on your jeans. When in PayRange, or about arm’s length from the machine, the App automatically connects to the machine and the user simply “swipes” on the smart phone to pay. No personal information is sent to the machine and credit card numbers are managed securely by a PCI compliant processor. We never see or store credit card numbers on our servers.
And investors are taking notice. The company announced folks participating in its latest round of funding, and it’s an impressive group.
PayRange, the world’s simplest payment solution for vending, today announced funding and distribution news that could modernize machine payments. Following on the heels of a $2.75M funding round, PayRange disclosed a list of notable investors: Nyca Partners (which includes Osama Bedier, former head of Google Payments; Hans Morris, former president of Visa; and Max Levchin, co-founder of PayPal); Anil Aggarwal and Jonathan Weiner, founders of Money 20/20 conference; Barbara Corcoran; Google Ventures; Jared Leto; and Phil Nadel.
It will be interesting to see where they go from here.
For more information, visit PayRange.