PayRange, the maker of a small device that enables every MDB vending machine to accept mobile payments, has raised $12 million in Series A funding led by Matrix Partners. The new source of funding will be used to expand the staff and increase the number of PayRange-equipped machines.
The company is working towards saving old vending machines by giving them new lives with its technology. PayRange transforms vending machines to accept contactless payment from a smartphone app. As we live in an evolving world where people prefer to pay with credit cards, the company wants the vending machine to catch up with the times.
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.