Capital will enable the company to bring its contactless payment platform for wearables to market
San Francisco, Calif. – (February 4, 2016) – Fit Pay, Inc. today announced the closing of $3.1M in seed funding led by Giesecke & Devrient (G&D), a leading supplier of mobile security products, software and solutions to banks, mobile network operators, and OEMs. Fit Pay has developed a payment enablement platform that allows wearable device manufacturers to seamlessly add contactless payment capabilities to their products.
“The G&D investment not only validates our core business proposition of enabling a wider range of products to transact contactless payments, but also brings a strategic partner that will help us accelerate our growth,” said Michael Orlando, Fit Pay’s co-founder and chief executive officer.
“We are pleased to support Fit Pay’s vision for transforming wearables,” explains Scott Marquardt, president, Giesecke & Devrient America, Inc. “The Fit Pay platform, in combination with G&D’s capabilities in embedded secure operating systems, applications and credentials lifecycle management, brings a complete end-to-end portfolio to Fit Pay’s prospective wearable device partners.”
Fit Pay’s payment platform uses Near Field Communication (NFC) technology, combined with card network tokenization to interact with point-of-sale terminals at retail locations. NFC, in place at an estimated 9 million retail locations worldwide, is becoming a ubiquitous POS payment acceptance technology. Fit Pay’s Trusted Payment ManagerTM platform allows contactless payment capabilities on a wide range of wearable devices. Fit Pay’s future applications may include transit, secure authentication, and other secure identification use cases.
Fit Pay completed San Francisco-based Plug and Play Tech Center’s FinTech Accelerator Program last fall. Plug and Play participated in this seed-funding round as well. In December, Fit Pay was selected from among hundreds of participants as the winner of the Comerica Bank and RocketSpace $50,000 Wearable FinTech Startup Challenge.
Fit Pay will launch a Kickstarter crowdfunding campaign on February 8, 2016 to support the commercialization of a payment smartstrap the company has developed for the Pebble Time family of smartwatches. The new payment smartstrap, called PagaréTM, enables Pebble Time users to make secure, contactless payments at millions of retail locations.
About Fit Pay, Inc.
Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise. Fit Pay’s platform provides a frictionless experience allowing consumers to conduct highly secure, contactless payment transactions. Fit Pay offers an entirely new way for transacting payments using a wearable device. www.fit-pay.com