February 17, 2014
On 12th February 2014, Merchant Customer Exchange announced that it will add Paydiant’s cloud based, white label platform to its custom developed mobile commerce infrastructure. Paydiant's technology will enable MCX member merchants to leverage existing smartphones, point-of-sale (POS) and payment terminals.
Paydiant was founded in 2010 by 3 entrepreneurs – Kevin Laracey (Ex Venture partner at Sigma Partners, also cofounder and CEO eDocs), Joe Paratore (Ex VP of engineering and technical services, eDocs, joined m-Qube and later Verisign after its acquisition) and Chris Gardner (was CMO atExtendMedia and later joined m-Qube and Verisign).
In February 2011, Northbridge Venture Partners and General Catalyst Partners invested a total of $7.6 million on the company. In addition to the first two, Stage 1 Ventures and Sands Capital Ventures also invested in Paydiant in 2012. On 9th September 2013 they received their 3rd round of funding at $15 million to take their total to 34.6 million.
Paydiant’s technology will include an easy-to-implement application programming interface (API) to enable MCX members to integrate complete mobile wallet capabilities and value- added services into their own branded iPhone and Android applications. In addition, the solution will allow retailers to avoid sharing sensitive customer information with third parties.
'Mobile payments and offers are a critical customer touch point for merchant brands. We are looking forward to working with MCX to remove the primary obstacles that retailers can face when adopting a mobile payments infrastructure by providing members with greater control over the customer experience, said CEO Kevin Laracey. As a result, merchants can engage their customers with the convenience of mobile payments along with personalized offers, promotions and programs that build customer loyalty and increase share of wallet,' he added.
The latest merchants to become MCX merchant members are Wendy’s and Acme Fresh Market according to the company. Acme Fresh Market is a regional grocery store chain with locations throughout Northeast Ohio. Wendy’s has restaurants worldwide and is considered the world’s third largest quick service hamburger company.
'We are really enthusiastic about the momentum MCX is making as a company. Paydiant adds unique mobile wallet capabilities and proven retail experience that seamlessly complements MCX's existing technology platform. Additionally, the recent addition of Wendy's and Acme Fresh Market underscores the appeal of MCX to merchants of all sizes and across all categories. It also marks MCX's expanding presence in the quick-service restaurant industry,' said Dekkers Davidson, CEO of MCX. 'Both the partnership and recent additions to our MCX merchant members are key milestones as we work to ultimately bring to market the best mobile commerce solution for consumers and merchants alike.'
MCX is a group of leading merchants that seek to improve the shopping experience by offering consumers a widely-accepted, customer-focused and secure mobile commerce platform. MCX merchants represent over 70 prominent brands with 110,000 locations. It processes more than $1 trillion in payments annually says the company.