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.
Investors are attracted to PayRange’s vision for a remarkably simple solution for the trillion dollar, mostly-cash, automated retailing industry. PayRange developed a small Bluetooth dongle that plugs into existing machines in seconds, and a mobile app to send payment. PayRange’s technology re-imagines machine payments in the mobile age, transforming it into a super convenient experience when paying parking meters, luggage carts, transit ticketing, laundromats, amusement games, kiosks and more.
PayRange also revealed today a national roll-out in the vending industry through a strategic partnership with the industry’s largest U.S. distributor, Vistar, a $2.3 billion distributor of vending machine products. Vistar serves 95 percent of all operators across 50 states and will be focusing their nationwide staff on sales of the PayRange technology. The PayRange system, which was tested by 200 operators in 20 states, is now ready for a national roll-out through its partnership with Vistar. PayRange is initially distributing its device to the vending machine industry with other vertical industries to follow.