Company bringing payment capabilities to wearable devices
Sunnyvale, Calif. – (September 2, 2015) – Fit Pay, Inc., a wearable payment technology company, has been selected from among more than 800 startups to participate in Plug and Play Tech Center’s FinTech Accelerator Program. Plug and Play is world’s largest technology accelerator and venture fund. Its FinTech Accelerator sponsors include Citi Ventures, CapitalOne, Deutsche Bank, USAA, US Bank and Intuit.
“Our platform is transforming contactless payments by enabling wearables to transact secure, frictionless payments,” said Michael Orlando, co-founder and CEO of Fit Pay, Inc. “Participating in Plug and Play’s accelerator will allow us to collaborate with thought-leaders in the FinTech industry and to crystalize our user experience and market opportunities.”
More than a 100 million consumers currently own a wearable device, but approximately one-third stop using it within six months. Fit Pay’s platform will enable wearables to seamlessly transact payments, giving consumers a convenient and highly secure way to pay and a reason to put on their wearable every day. Wearable payments are expected to grow to $500 billion by 2020.
“We seek companies that disrupt existing market paradigms. Fit Pay will do just that by changing the way consumers conduct retail transactions,” said Saeed Amidi, Plug and Play Center’s CEO & founder. “The company has an extremely talented team and compelling proposition. We are excited to have them in the FinTech Accelerator.”
The 12-week program includes mentor sessions with corporate partners, venture capitalists and entrepreneurs, feedback workshops, and potential funding from Plug and Play Ventures.
About Fit Pay, Inc.
Led by former CyberSource and Visa executives, Fit Pay allows consumers to conduct secure, frictionless payments with wearable devices without unlocking their smartphone or opening an application. Sign up at FitPay.info.
About Plug and Play Tech Center
Plug and Play Tech Center is the world’s largest global technology accelerator and venture fund. Since inception in 2006, its program has expanded worldwide to include entrepreneurs from 24 countries, providing resources to succeed in Silicon Valley. With over 350 startups and 300 corporate partners, we have created the ultimate startup ecosystem. Plug and Play provides active investments with 180 leading Silicon Valley VCs, and more than 365 networking events per year. Companies in our community have raised over $3.5 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk.