Nyca, started by former top executives of Visa, PayPal and Google, hopes to combine New York financial know-how with Silicon Valley’s tech savvy.
For Paresh Patel, chief executive and founder of financial technology startup PayRange, a $3 million venture capital infusion, announced Wednesday, is just the beginning.
The series A funding will allow him to build out the Portland, Oregon-based company, and bring his business–which allows consumers to purchase products like juice, candy, or chips from vending machines using a mobile app and Bluetooth technology–to market. Although Patel had offers from at least half-a-dozen traditional Silicon Valley and international venture capital firms over the last few months, he decided to go with a somewhat new one–called Nyca Partners.
The venture capital firm hopes to marry Wall Street financial finesse and connections with Silicon Valley technological expertise, and a heavy dose of advisory know-how.
“They have people who are experts in payments and the finance space,” Patel says. “It was important for me to deal with people who understand this space, who have good strategic insight, as well as connections and contacts.”
Nyca, founded in 2014 by ex-Visa president and former Citigroup investment banker Hans Morris, has a Who’s Who list of partners with feet in the Street and Silicon Valley’s gilded tech world. The gold-plated list of names involved with the firm include Max Levchin, co-founder of Paypal, and Osama Bedier, former head of Google Payments, who will take a seat on PayRange’s board.
PayRange was founded by Paresh Patel, an unattended retail veteran, to provide operators and consumers with a simple and secure mobile payment and loyalty solution for laundry, vending, amusement, and other small ticket merchants. PayRange is the North American leader in mobile payments for unattended retail, with over 3 million users and a network of machines throughout 350 cities and towns in the US and Canada. Find out more at www.payrange.com.