With $12 million in new funding, PayRange Inc. wants to place more of its Bluetooth-equipped dongles inside vending machines to enable more consumers to make contactless, and cashless, payments.
The funding, announced Thursday by Portland, Ore.-based PayRange, will be used to expand its staff and increase the number of PayRange-equipped machines, says Paresh Patel, founder and chief executive. Palo Alto, Calif.-based Matirx Partners, a venture capital firm, led the funding round, PayRange says.
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.
