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vendingtimes.com Published on Aug 13, 2014
PORTLAND, OR — PayRange is poised for a major rollout of its payment technology, with backing by some of the biggest players in mobile payments and a nationwide pact with Vistar for distribution of its novel devices.
The company’s technology, unveiled in April, allows patrons’ smartphones to handle the entire vending transaction process over their cellular networks, while using Bluetooth personal area networking to actuate the vend. The system, which uses a small dongle that plugs into existing machines and a mobile app for iPhone and Android users, was tested by 200 operators in 20 states and is now making its commercial debut.
On the heels of a $2.75 million funding round that closed in July, PayRange has disclosed a list of high-profile investors. It includes Nyca Partners, which includes Osama Bedier, former head of Google Payments; Hans Morris, former president of Visa; and Max Levchin, cofounder of PayPal; Google Ventures; Anil Aggarwal and Jonathan Weiner, founders of the Money 20/20 conference; Barbara Corcoran, one of the investors on ABC’s Shark Tank; serial entrepreneur and investor Phil Nadel; and Oscar-winning actor Jared Leto.
PayRange founder and chief executive Paresh Patel told VT that having top payment industry innovators as investors not only brings funding but also expertise, contacts and resources to build and scale the company, and to help vending as an industry finally get ahead in mobile payments. “Vending has had a hard time catching on to cashless payments,” said Patel. “Seeing these big investors and having their support validates that we’re onto something big and that it will become more ubiquitous.”