PayRange

paymentsmobile/digital wallet

FOUNDING YEAR: 2013
LOCATION: United States
Last Update: 17/07/2020

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About

Everyday payments made easy.PayRange was founded in 2013 by Paresh Patel, a serial entrepreneur and veteran of the automated retail industry. While credit card solutions for machines have been around for two-decades, 95% of the 30 million machines worldwide only accept cash. His patented innovations combine payment, rewards, and convenience into a mobile service that brings premium experiences to unattended retail locations. Consumers download the free mobile app (iOS, Android) and with flexible funding options, including all major cards and wallets (Apple Pay, Android Pay, and Masterpass), they are empowered to pay machines with ease. At PayRange, our trajectory from being the vending industrys first mobile payment service to becoming the worlds fastest growing payment network for everyday things has been an exciting couple of years. In 2015, Operators started accepting PayRange on their machines. In less than 2 years, the company established a footprint in over 300 major cities across North America. 2000 operators are now accepting PayRange on their machines and over 100 million transactions have flowed through our system. Our exceptionally talented team is breaking the payment barrier in vending, laundry, amusement, parking, and more. Were creating a new world of artful convenience. A world where convenience means consumers get what they want, where and when they want it. In this world, payment is fast and simple. Barriers magically disappear to create rewarding experiences for everyone.

MEDICI Analysis

PayRange is a mobile payment solution for vending, parking, transit ticketing, laundry, amusement, and more. PayRange provides a hardware device to be installed on the vending machines. The device called "BluKey" stores the credit card information of the user using the vending machine. Provides a smartphone application using which customers of the vending machine can choose what product to buy and pay via the mobile only.

Focus

PRODUCTS & SERVICES

Mobile payment platform for vending, parking, transit ticketing, laundry, amusement, and more. It aims at easy check-out process by enabling credit card payments at vendor machine.

MAIN CLIENTS

Vending Machine Owners

EXISTING PARTNERSHIPS

Vagabond Vending - To integrate its vending.

COMMENT

The company produces a device that plugs into vending machines that interacts with an app. It uses Bluetooth to connect to the app, wherein customers can make a purchase. The device works with basically any vending machine, making it a good way to retrofit existing machines to take credit cards as cash becomes increasingly less commonplace.

Traction

VALUATION / MARKET CAP:

$80 M in 2015

People

FOUNDERS

Paresh Patel

BOARD MEMBERS AND ADVISORS

Osama Bedier

Surj Patel

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Barbara Corcoran Venture Partners

GV

Jerry Murdock

Matrix Partners

Max Levchin

Nyca Partners

Osama Bedier

Phil Nadel

Momentum

FUNDED

YES

TOTAL FUNDING

$20.1 M

DATE OF LAST FUNDING

Nov 2018

SEED & PRIOR FUNDING

$2.75 M

SEED CLOSED ON

Jul 2014

FUNDING SERIES

SERIES A  · $12 M  · Apr 2015

OTHERS  · $5.35 M · Dec 2017

DEBT FUNDING

$4 M

LISTED

NO

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